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Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies2293
  • 7D0.3%
  • 3M-2.1%
  • 1Y26.3%
  • YTD29.3%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. More promisingly, the market is up 26% over the past year. Earnings are forecast to grow by 12% annually.

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, 31 Dec 2025HK$55.8tHK$43.2tHK$4.0t12.1x14.1x1.3x
Fri, 28 Nov 2025HK$56.7tHK$42.7tHK$3.9t12.3x14.4x1.3x
Sun, 26 Oct 2025HK$56.6tHK$42.3tHK$3.8t12.7x14.9x1.3x
Tue, 23 Sep 2025HK$57.0tHK$43.4tHK$4.0t12.4x14.4x1.3x
Thu, 21 Aug 2025HK$56.8tHK$43.6tHK$3.9t12.6x14.5x1.3x
Sat, 19 Jul 2025HK$54.7tHK$43.6tHK$3.9t11.8x14x1.3x
Mon, 16 Jun 2025HK$51.8tHK$43.6tHK$3.9t11.1x13.3x1.2x
Wed, 14 May 2025HK$49.4tHK$43.0tHK$3.8t11.1x13x1.1x
Fri, 11 Apr 2025HK$45.1tHK$42.3tHK$3.7t10.2x12.1x1.1x
Sun, 09 Mar 2025HK$48.9tHK$43.4tHK$3.5t10.5x13.8x1.1x
Tue, 04 Feb 2025HK$44.2tHK$43.3tHK$3.5t10x12.5x1x
Thu, 02 Jan 2025HK$45.0tHK$42.6tHK$3.6t10x12.3x1.1x
Sat, 30 Nov 2024HK$43.0tHK$42.9tHK$3.7t9.9x11.7x1x
Mon, 28 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.8x12.4x1x
Wed, 25 Sep 2024HK$41.3tHK$43.9tHK$3.6t9.2x11.4x0.9x
Fri, 23 Aug 2024HK$40.3tHK$43.3tHK$3.5t8.8x11.4x0.9x
Sun, 21 Jul 2024HK$40.3tHK$42.6tHK$3.5t9.4x11.6x0.9x
Tue, 18 Jun 2024HK$41.0tHK$43.2tHK$3.4t9.5x12x0.9x
Thu, 16 May 2024HK$42.5tHK$43.3tHK$3.4t9.8x12.4x1x
Sat, 13 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.2x11.4x0.9x
Mon, 11 Mar 2024HK$38.2tHK$43.3tHK$3.4t8.8x11.2x0.9x
Wed, 07 Feb 2024HK$36.7tHK$44.0tHK$3.4t8.5x10.9x0.8x
Fri, 05 Jan 2024HK$37.9tHK$45.9tHK$3.5t9.2x10.9x0.8x
Sun, 03 Dec 2023HK$38.1tHK$45.9tHK$3.5t9x11x0.8x
Tue, 31 Oct 2023HK$38.2tHK$45.0tHK$3.4t9x11.1x0.8x
Thu, 28 Sep 2023HK$39.1tHK$44.9tHK$3.4t9.1x11.5x0.9x
Sat, 26 Aug 2023HK$39.6tHK$45.4tHK$3.6t9.4x11x0.9x
Mon, 24 Jul 2023HK$41.2tHK$45.9tHK$3.7t9.5x11.2x0.9x
Wed, 21 Jun 2023HK$42.3tHK$46.0tHK$3.7t9.7x11.5x0.9x
Fri, 19 May 2023HK$44.0tHK$46.8tHK$3.7t9.7x11.8x0.9x
Sun, 16 Apr 2023HK$44.8tHK$47.7tHK$3.8t9.9x11.7x0.9x
Tue, 14 Mar 2023HK$43.1tHK$47.6tHK$4.1t8.8x10.4x0.9x
Thu, 09 Feb 2023HK$44.4tHK$49.6tHK$4.4t9x10.1x0.9x
Sat, 07 Jan 2023HK$43.5tHK$47.6tHK$4.2t8.9x10.3x0.9x
Price to Earnings Ratio

10.3x


Total Market Cap: HK$43.5tTotal Earnings: HK$4.2tTotal Revenue: HK$47.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.1x20242025
Current Market PE
  • Investors are optimistic on the Hong Kong market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.1x which is higher than its 3-year average PE of 12.1x.
Past Earnings Growth
  • The earnings for companies in the Hong Kong industry have declined 2.2% per year over the last three years.
  • Revenues have also declined 3.2% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

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

HK Market0.27%
Energy2.63%
Tech1.81%
Materials1.09%
Financials0.89%
Consumer Discretionary-0.046%
Industrials-0.42%
Telecom-0.42%
Real Estate-1.09%
Utilities-1.19%
Consumer Staples-2.09%
Healthcare-2.84%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 149x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.2%, which is higher than its past year's earnings growth of 1.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 1.4% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.5% 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$5.783.0%
+HK$59.5b		30.5%PB0.6xFinancials
1398 Industrial and Commercial Bank of ChinaHK$6.292.6%
+HK$57.0b		20.7%PB0.5xFinancials
857 PetroChinaHK$8.382.9%
+HK$43.9b		37.2%PE8.7xEnergy
939 China Construction BankHK$7.691.7%
+HK$34.0b		18.7%PB0.5xFinancials
883 CNOOCHK$21.303.4%
+HK$33.3b		11.4%PE7.4xEnergy
See more

Market Insights

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Latest News

1211
HK$95.35
BYD
7D
1.9%
1Y
7.3%
358
HK$42.88
Jiangxi Copper
7D
15.1%
1Y
244.1%
728
HK$5.39
China Telecom
7D
-2.5%
1Y
10.7%

728: Governance Reforms And Mobile Scale Will Support Balanced Forward Outlook

Analysts have nudged their price target on China Telecom modestly higher to reflect slightly faster expected revenue growth, marginally improved profit margins, and a small uplift in fair value to about $6.09 from roughly $6.07, even as future valuation multiples ease a bit. What's in the News Shareholders approved amendments to the Articles of Association, including abolishing the Supervisory Committee, as part of an update to China Telecom's corporate governance framework (company filing) The board proposed further amendments to the Articles of Association and related procedural rules to align with the new PRC Company Law, updated CSRC guidelines, Hong Kong listing rules, and the company's evolving business scope (company announcement) A special shareholders meeting scheduled for December 16, 2025 in Beijing will vote on governance rule changes, the election of independent non executive director Mr. Lee Sunny Wai Kwong, and his remuneration package (meeting notice) China Telecom reported 437.19 million mobile subscribers for the third quarter of 2025, highlighting steady growth in its core mobile base (operating statistics) A board meeting on October 21, 2025 will review and approve financial results for the nine months ended September 30, 2025 (board agenda) Valuation Changes Fair value per share has risen slightly to about HK$6.09 from roughly HK$6.07, reflecting a modest upward adjustment in intrinsic valuation.
1398
HK$6.29
Industrial and Commercial Bank of China
7D
2.6%
1Y
20.7%

1398: Future Margin Compression May Drive Share Price Underperformance

Analysts have modestly raised their price target on Industrial and Commercial Bank of China, reflecting a slightly higher fair value estimate of RMB 5.35 from RMB 5.29. This is supported by expectations for stronger revenue growth, a lower discount rate, and a marginally cheaper forward P/E multiple, despite a small compression in profit margins.
386
HK$4.67
China Petroleum & Chemical
7D
3.1%
1Y
4.9%
1288
HK$5.78
Agricultural Bank of China
7D
3.0%
1Y
30.5%
941
HK$81.70
China Mobile
7D
-1.3%
1Y
6.7%
857
HK$8.38
PetroChina
7D
2.9%
1Y
37.2%
2628
HK$27.38
China Life Insurance
7D
-3.7%
1Y
86.5%
883
HK$21.30
CNOOC
7D
3.4%
1Y
11.4%
939
HK$7.69
China Construction Bank
7D
1.7%
1Y
18.7%

939: Upcoming Meeting And Interim Debt Issuance Will Drive Shares Higher

Analysts have nudged their price target for China Construction Bank higher to reflect a slightly increased fair value estimate of about 9.51 yuan. This is supported by expectations of marginally stronger profit margins and stable valuation multiples, despite a modestly lower revenue growth outlook.
700
HK$599.00
Tencent Holdings
7D
-0.7%
1Y
43.6%

700: AI Monetization And Ecosystem Deals Will Improve Earnings Quality

Analysts have modestly raised their price target on Tencent Holdings, lifting fair value by approximately $0.31 to about $743 per share. They cite stronger than expected financial control following robust Q3 results and growing conviction that AI driven investments will accelerate revenue and profit growth into 2026.
1299
HK$79.90
AIA Group
7D
-4.0%
1Y
41.9%

1299: Stable Margins And Discount Rate Will Support Future Upside Potential

Analysts have nudged their price target on AIA Group slightly higher to reflect a modest increase in fair value to approximately $95.32, supported by stable discount rate assumptions and unchanged expectations for long term revenue growth, profit margins, and future valuation multiples. Valuation Changes The fair value estimate has risen slightly, increasing from HK$95.14 to approximately HK$95.32 per share.
9633
HK$46.84
Nongfu Spring
7D
-3.7%
1Y
38.0%

A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)

Nov 24
A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)
9992
HK$187.70
Pop Mart International Group
7D
-6.2%
1Y
109.4%
2259
HK$146.00
Zijin Gold International
7D
-4.9%
1Y
n/a