Abstract: We analyzed the 2026E EPS and revenue revisions for HS TECH index component stocks in April 2026, finding that the index's consensus 2026E EPS fell -1.5% month-on-month to HK$236.9 from HK$240.5, with individual stock EPS revisions contributing -HK$1.89 to the index EPS change. The HS TECH index rose 5.4% over the month from 4,650 to 4,902, despite the deteriorating earnings outlook, with only 7 stocks seeing upward EPS revisions versus 15 revised down. On index EPS impact, MEITUAN (3690 HK) was the largest detractor at -HK$0.76, while JD.COM (9618 HK) was the top positive contributor at +HK$0.74, followed by XIAOMI (1810 HK, -HK$0.58), ALIBABA (9988 HK, -HK$0.54), and BYD (1211 HK, -HK$0.39). On stock-level EPS revisions, MEITUAN led gains with a +1,487% increase in 2026E EPS estimates, while BYD Electronic (285 HK) saw the steepest cut at -8.25%, followed by KINGSOFT (3888 HK, -4.97%) and ALIBABA (9988 HK, -2.99%).
JD.COM, MEITUAN, HORIZON ROBOTICS, Alibaba Health, ALIBABA, BYD
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