Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Hong Kong (HSI) Market Analysis & Valuation

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies2316
  • 7D1.0%
  • 3M-0.9%
  • 1Y16.0%
  • YTD-0.9%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 6.8%. As for the longer term, the market has risen 16% in the past 12 months. 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
Sun, 05 Apr 2026HK$55.9tHK$44.2tHK$4.1t12.4x13.5x1.3x
Tue, 03 Mar 2026HK$57.2tHK$44.2tHK$4.0t12.6x14.1x1.3x
Thu, 29 Jan 2026HK$58.4tHK$43.6tHK$4.0t12.6x14.6x1.3x
Sat, 27 Dec 2025HK$55.8tHK$43.1tHK$4.0t12.1x14.1x1.3x
Mon, 24 Nov 2025HK$55.8tHK$42.6tHK$3.9t12.1x14.2x1.3x
Wed, 22 Oct 2025HK$56.3tHK$42.3tHK$3.8t12.7x14.8x1.3x
Fri, 19 Sep 2025HK$57.5tHK$43.4tHK$4.0t12.4x14.5x1.3x
Sun, 17 Aug 2025HK$56.6tHK$43.5tHK$3.9t12.6x14.5x1.3x
Tue, 15 Jul 2025HK$54.1tHK$43.6tHK$3.9t11.6x13.8x1.2x
Thu, 12 Jun 2025HK$52.1tHK$43.6tHK$3.9t11.2x13.4x1.2x
Sat, 10 May 2025HK$48.8tHK$42.8tHK$3.8t11x12.9x1.1x
Mon, 07 Apr 2025HK$48.3tHK$42.7tHK$3.8t11x12.9x1.1x
Wed, 05 Mar 2025HK$47.0tHK$43.2tHK$3.5t10.4x13.4x1.1x
Fri, 31 Jan 2025HK$44.3tHK$43.3tHK$3.5t10x12.6x1x
Sun, 29 Dec 2024HK$45.0tHK$42.6tHK$3.6t10x12.3x1.1x
Tue, 26 Nov 2024HK$42.6tHK$42.9tHK$3.7t9.7x11.6x1x
Thu, 24 Oct 2024HK$45.1tHK$43.4tHK$3.6t10x12.6x1x
Sat, 21 Sep 2024HK$39.8tHK$43.8tHK$3.6t9x11x0.9x
Mon, 19 Aug 2024HK$39.9tHK$43.1tHK$3.5t9x11.3x0.9x
Wed, 17 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Fri, 14 Jun 2024HK$41.3tHK$43.2tHK$3.4t9.6x12.1x1x
Sun, 12 May 2024HK$42.4tHK$43.3tHK$3.4t9.7x12.4x1x
Tue, 09 Apr 2024HK$39.1tHK$43.3tHK$3.4t9.1x11.4x0.9x
Thu, 07 Mar 2024HK$38.0tHK$43.2tHK$3.4t8.8x11.2x0.9x
Sat, 03 Feb 2024HK$35.8tHK$44.3tHK$3.3t8.6x10.7x0.8x
Mon, 01 Jan 2024HK$38.3tHK$46.2tHK$3.5t9.4x11x0.8x
Wed, 29 Nov 2023HK$38.7tHK$45.7tHK$3.5t9.1x11.1x0.8x
Fri, 27 Oct 2023HK$37.9tHK$44.9tHK$3.4t8.9x11.1x0.8x
Sun, 24 Sep 2023HK$40.0tHK$45.0tHK$3.4t9.2x11.6x0.9x
Tue, 22 Aug 2023HK$39.7tHK$45.2tHK$3.6t9.3x11.1x0.9x
Thu, 20 Jul 2023HK$41.3tHK$45.7tHK$3.7t9.5x11.3x0.9x
Sat, 17 Jun 2023HK$41.5tHK$45.5tHK$3.3t9.7x12.5x0.9x
Mon, 15 May 2023HK$43.9tHK$47.3tHK$3.8t9.8x11.7x0.9x
Wed, 12 Apr 2023HK$44.4tHK$47.8tHK$3.9t9.8x11.4x0.9x
Price to Earnings Ratio

11.4x


Total Market Cap: HK$44.4tTotal Earnings: HK$3.9tTotal Revenue: HK$47.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.5x202420252026
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 12.5x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.5% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

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

HK Market0.95%
Healthcare6.79%
Financials3.05%
Materials2.95%
Consumer Staples2.63%
Consumer Discretionary0.92%
Industrials0.43%
Real Estate0.28%
Telecom0.07%
Utilities-1.04%
Tech-2.81%
Energy-3.20%
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 111x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.5%, which is higher than its past year's earnings growth of 2.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 7.6% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.8% 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
1398 Industrial and Commercial Bank of ChinaHK$6.965.1%
+HK$121.2b		27.5%PB0.5xFinancials
1288 Agricultural Bank of ChinaHK$5.685.6%
+HK$105.0b		23.2%PB0.6xFinancials
939 China Construction BankHK$8.454.4%
+HK$94.2b		22.3%PB0.5xFinancials
3988 Bank of ChinaHK$5.064.1%
+HK$64.4b		9.5%PB0.5xFinancials
2513 Knowledge Atlas TechnologyHK$779.0016.6%
+HK$49.5b		n/aPS421.1xTech
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

883
HK$27.02
CNOOC
7D
-7.0%
1Y
46.5%

883: Higher Dividend Payout And New Leadership Will Support Future Upside

Analysts now place CNOOC's fair value at HK$45.08, compared with the previous HK$27.63, reflecting updated views on revenue growth, profit margins, and future P/E assumptions. What's in the News CNOOC reported operating results for the year ended 31 December 2025, with net production of approximately 2.13 million BOE per day and total net oil and gas production of 777.3 million BOE for the year.
941
HK$80.05
China Mobile
7D
2.6%
1Y
-4.2%

China Mobile's (HKG:941) Profits May Not Reveal Underlying Issues

Apr 02
China Mobile's (HKG:941) Profits May Not Reveal Underlying Issues
1810
HK$30.88
Xiaomi
7D
-6.4%
1Y
-32.7%

1810: EV And Auto Partnerships Will Drive Future Upside Potential

Analysts have trimmed Xiaomi's fair value estimate to about HK$44.93 from roughly HK$57.33, reflecting lower assumed revenue growth, slightly softer profit margins, a modestly higher discount rate and a reduced future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts continue to see upside in Xiaomi, with some assigning price targets such as US$49, which still sit comfortably above current fair value estimates and imply room for execution to close the gap.
1088
HK$46.58
China Shenhua Energy
7D
-2.6%
1Y
42.9%
2513
HK$779.00
Knowledge Atlas Technology
7D
16.6%
1Y
n/a
3690
HK$80.25
Meituan
7D
-6.6%
1Y
-49.2%
857
HK$10.77
PetroChina
7D
-1.8%
1Y
71.0%

New Forecasts: Here's What Analysts Think The Future Holds For PetroChina Company Limited (HKG:857)

Apr 01
New Forecasts: Here's What Analysts Think The Future Holds For PetroChina Company Limited (HKG:857)
3692
HK$39.36
Hansoh Pharmaceutical Group
7D
20.9%
1Y
66.1%
1171
HK$14.57
Yankuang Energy Group
7D
-9.4%
1Y
76.0%

News Flash: Analysts Just Made A Notable Upgrade To Their Yankuang Energy Group Company Limited (HKG:1171) Forecasts

Mar 31
News Flash: Analysts Just Made A Notable Upgrade To Their Yankuang Energy Group Company Limited (HKG:1171) Forecasts
1211
HK$103.90
BYD
7D
-2.4%
1Y
-16.8%
1288
HK$5.68
Agricultural Bank of China
7D
5.6%
1Y
23.2%

1288: Lower Profitability Outlook Will Likely Keep Shares Under Pressure

Analysts have slightly reduced their HK$ price target for Agricultural Bank of China, citing updated assumptions that include a revised fair value estimate, an adjusted discount rate, higher projected revenue growth, a lower profit margin outlook, and a reduced future P/E multiple. What's in the News Board meeting scheduled for Mar 30, 2026 to review and approve the annual results for the year ended Dec 31, 2025; to consider a final dividend and the 2025 Profit Distribution Plan; to review changes to the Audit Committee membership; and to consider a proposal to convene the 2026 First Extraordinary Shareholders' Meeting (Key Developments).
3988
HK$5.06
Bank of China
7D
4.1%
1Y
9.5%
1398
HK$6.96
Industrial and Commercial Bank of China
7D
5.1%
1Y
27.5%
939
HK$8.45
China Construction Bank
7D
4.4%
1Y
22.3%
700
HK$489.20
Tencent Holdings
7D
-0.9%
1Y
-1.7%

700: Core Platforms Will Sustain Earnings Power Despite AI Chip Supply Risks

Analysts have trimmed their Tencent Holdings fair value estimate from HK$759.60 to HK$714.25, citing softer expected revenue growth, slightly lower profit margins and potential AI chip supply constraints linked to U.S. and China trade tensions. Analyst Commentary Recent commentary around Tencent highlights a more cautious tone, with the shift to a Hold stance framed around softer expected growth and external constraints that could affect both near term execution and longer term AI plans.
9633
HK$47.56
Nongfu Spring
7D
6.4%
1Y
38.1%

Earnings Beat: Nongfu Spring Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Mar 26
Earnings Beat: Nongfu Spring Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models