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Hong Kong (HSI) Market Analysis & Valuation

UpdatedJul 29, 2026
DataAggregated Company Financials
Companies2318
  • 7D0.7%
  • 3M-8.0%
  • 1Y-3.3%
  • YTD-5.3%

In the last week, the market has stayed flat, however the Financials sector stood out, gaining 4.8%. The past year hasn't been profitable, with the market dropping 3.3%. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Hong Kong Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 29 Jul 2026HK$54.7tHK$44.9tHK$4.2t11.6x13x1.2x
Fri, 26 Jun 2026HK$51.6tHK$44.7tHK$4.2t11.3x12.3x1.2x
Sun, 24 May 2026HK$55.8tHK$44.7tHK$4.2t12.5x13.3x1.2x
Tue, 21 Apr 2026HK$57.9tHK$44.5tHK$4.2t12.6x13.9x1.3x
Thu, 19 Mar 2026HK$57.2tHK$44.3tHK$4.0t12x14.1x1.3x
Sat, 14 Feb 2026HK$56.9tHK$43.9tHK$4.0t12.4x14.2x1.3x
Mon, 12 Jan 2026HK$56.9tHK$43.4tHK$4.0t12.3x14.3x1.3x
Wed, 10 Dec 2025HK$55.7tHK$42.8tHK$3.9t12.3x14.2x1.3x
Fri, 07 Nov 2025HK$57.1tHK$42.1tHK$3.9t12.7x14.7x1.4x
Sun, 05 Oct 2025HK$58.0tHK$43.2tHK$3.9t12.8x14.7x1.3x
Tue, 02 Sep 2025HK$57.3tHK$43.4tHK$4.0t12.1x14.5x1.3x
Thu, 31 Jul 2025HK$55.6tHK$43.5tHK$3.9t12x14.3x1.3x
Sat, 28 Jun 2025HK$53.1tHK$43.6tHK$3.9t11.2x13.6x1.2x
Mon, 26 May 2025HK$50.6tHK$43.4tHK$3.8t11x13.2x1.2x
Wed, 23 Apr 2025HK$47.1tHK$42.5tHK$3.7t10.5x12.6x1.1x
Fri, 21 Mar 2025HK$49.5tHK$43.5tHK$3.6t10.9x13.9x1.1x
Sun, 16 Feb 2025HK$46.9tHK$43.3tHK$3.5t10.2x13.3x1.1x
Tue, 14 Jan 2025HK$42.3tHK$42.1tHK$3.6t9.7x11.7x1x
Thu, 12 Dec 2024HK$44.6tHK$42.8tHK$3.7t10.1x12.2x1x
Sat, 09 Nov 2024HK$45.2tHK$43.2tHK$3.7t10x12.3x1x
Mon, 07 Oct 2024HK$47.4tHK$43.6tHK$3.6t10.6x13.2x1.1x
Wed, 04 Sep 2024HK$39.7tHK$43.4tHK$3.6t8.9x11x0.9x
Fri, 02 Aug 2024HK$39.7tHK$42.7tHK$3.5t9.3x11.4x0.9x
Sun, 30 Jun 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Tue, 28 May 2024HK$42.6tHK$43.2tHK$3.4t9.9x12.4x1x
Thu, 25 Apr 2024HK$39.9tHK$43.2tHK$3.4t9.1x11.7x0.9x
Sat, 23 Mar 2024HK$38.3tHK$43.8tHK$3.3t8.8x11.5x0.9x
Mon, 19 Feb 2024HK$37.1tHK$43.6tHK$3.3t8.7x11.1x0.9x
Wed, 17 Jan 2024HK$37.0tHK$45.5tHK$3.5t9.1x10.7x0.8x
Fri, 15 Dec 2023HK$37.0tHK$45.9tHK$3.5t9x10.6x0.8x
Sun, 12 Nov 2023HK$38.0tHK$45.1tHK$3.4t9x11.1x0.8x
Tue, 10 Oct 2023HK$39.0tHK$45.1tHK$3.4t9x11.4x0.9x
Thu, 07 Sep 2023HK$40.4tHK$45.1tHK$3.4t9.4x11.7x0.9x
Sat, 05 Aug 2023HK$42.3tHK$45.7tHK$3.6t9.7x11.6x0.9x
Price to Earnings Ratio

11.6x


Total Market Cap: HK$42.3tTotal Earnings: HK$3.6tTotal Revenue: HK$45.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Hong Kong market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.6x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have grown 5.0% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Hong Kong Market?

HK Market0.65%
Financials4.75%
Materials1.63%
Utilities0.94%
Industrials0.67%
Consumer Discretionary0.57%
Consumer Staples0.29%
Real Estate-0.041%
Energy-0.21%
Healthcare-1.04%
Telecom-2.39%
Tech-7.06%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 51.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.7% which is higher than its past year's earnings decline of 4.7% per year.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 4.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
1288 Agricultural Bank of ChinaHK$6.207.8%
+HK$157.5b		19.7%PB0.6xFinancials
939 China Construction BankHK$9.136.9%
+HK$154.3b		11.5%PB0.6xFinancials
1398 Industrial and Commercial Bank of ChinaHK$7.364.8%
+HK$121.2b		21.3%PB0.5xFinancials
3988 Bank of ChinaHK$5.455.0%
+HK$83.8b		18.0%PB0.5xFinancials
941 China MobileHK$83.253.2%
+HK$55.3b		-3.8%PE11.5xTelecom
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

1888
HK$33.74
Kingboard Laminates Holdings
7D
-29.0%
1Y
217.1%
883
HK$22.98
CNOOC
7D
-2.2%
1Y
21.6%
Narrative Update • Jul 27

883: Record Production And Rich Margins Will Likely Fail To Support Shares

Analysts have trimmed their fair value estimate for CNOOC from HK$20.97 to HK$20.46, pointing to slightly softer revenue assumptions, a marginally higher projected profit margin, and a modestly lower future P/E multiple to support the updated price target. What’s in the News for CNOOC CNOOC reported operating results for the first quarter of 2026, with net production of 205.1 million barrels of oil equivalent (BOE), source: Key Developments.
6869
HK$109.30
Yangtze Optical Fibre And Cable Limited
7D
-23.0%
1Y
393.5%
2513
HK$1,042.00
Z.AI
7D
-14.5%
1Y
n/a
2388
HK$51.85
BOC Hong Kong (Holdings)
7D
10.2%
1Y
42.4%
Narrative Update • Jul 26

2388: Dividend Timetable And Higher P E Assumptions Will Shape Steady Outlook

Analysts have lifted their price target for BOC Hong Kong (Holdings) by about HK$1.78, reflecting updated assumptions for slightly higher revenue growth, a modestly stronger profit margin, a lower discount rate, and a small adjustment to the future P/E multiple cited in recent research. What's in the News BOC Hong Kong (Holdings) shareholders approved a final dividend of HK$1.255 per share for the year ended 31 December 2025 at the AGM held on 25 June 2026, source, company AGM resolution.
941
HK$83.25
China Mobile
7D
3.2%
1Y
-3.8%
700
HK$447.20
Tencent Holdings
7D
-5.7%
1Y
-19.4%
981
HK$69.10
Semiconductor Manufacturing International
7D
-8.5%
1Y
29.5%
1810
HK$29.26
Xiaomi
7D
6.7%
1Y
-47.1%
Narrative Update • Jul 21

1810: Higher Memory Costs Will Pressure Margins Despite AI Home Appliance Opportunity

Xiaomi's updated analyst price target has been cut from about HK$24.04 to around HK$19.05, as analysts factor in weaker than expected Q1 EBIT, tougher margin assumptions, and the company's own guidance for a 10% smartphone revenue decline by 2026 amid sharply higher memory costs. What’s in the News for Xiaomi Morgan Stanley highlighted Xiaomi as a key potential winner in China’s AI home appliance market, pointing to an expanding AI ecosystem and smart home technology footprint.
2328
HK$16.22
PICC Property and Casualty
7D
10.1%
1Y
-1.0%
Narrative Update • Jul 21

2328: Dividend Policy And New Leadership Will Support Future Upside

Analysts have trimmed their Hong Kong listed PICC Property and Casualty price target slightly to HK$19.02 from HK$19.48, reflecting updated assumptions for fair value, discount rate, revenue, profit margins and future P/E. What’s in the News for PICC Property and Casualty PICC Property and Casualty approved a final cash dividend of RMB 0.44 per share for the year ended 31 December 2025, as decided at the annual general meeting.
9999
HK$199.60
NetEase
7D
-4.2%
1Y
-3.2%
3988
HK$5.45
Bank of China
7D
5.0%
1Y
18.0%
Narrative Update • Jul 15

3988: Global Scale And Updated Assumptions Will Keep Returns More Muted

Analysts now set a slightly lower fair value price target for Bank of China at about HK$5.01 versus the prior HK$5.25, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Seven of the world’s top 10 banks by Tier 1 capital are now headquartered in China, and Bank of China remains among the top four globally, according to The Banker’s 2026 Top 1000 World Banks ranking.
1288
HK$6.20
Agricultural Bank of China
7D
7.8%
1Y
19.7%
Narrative Update • Jul 15

1288: Higher Global Standing But Compressed Margins Will Likely Restrain Shares

Analysts have raised the price target for Agricultural Bank of China to HK$4.97 from HK$3.95, citing updated fair value estimates, a slightly lower discount rate, and revised assumptions for revenue growth, profit margins, and future P/E multiples. What’s in the News for Agricultural Bank of China Agricultural Bank of China remains among the top four banks globally in The Banker’s 2026 Top 1000 World Banks ranking, with seven of the world’s top 10 banks headquartered in China, according to The Banker.
1347
HK$138.30
Hua Hong Grace Semiconductor
7D
-17.9%
1Y
226.6%
Narrative Update • Jul 14

1347: Acquisition Progress And Rich P/E Will Eventually Reveal Downside Risk

The analyst price target for Hua Hong Grace Semiconductor has been revised to HK$128.85 from HK$113.29 as analysts factor in updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News Hua Hong Grace Semiconductor received approval from the China Securities Regulatory Commission for its planned acquisition of share capital in a target company, clearing the final regulatory hurdle for the transaction and allowing the board to proceed within the required timeframe (TipRanks.com).
939
HK$9.13
China Construction Bank
7D
6.9%
1Y
11.5%
1398
HK$7.36
Industrial and Commercial Bank of China
7D
4.8%
1Y
21.3%