Abstract: We analyzed the earnings revision of HSI component stocks for June 2026, estimating the index's 2026E EPS at HK$2,187 as of end-June, down 0.73% month on month from HK$2,203 in May. The HSI index fell 11% over the month from 25,398 to 22,672, with 38 stocks seeing upward EPS revisions versus 27 downward. Individual stock EPS revisions contributed an estimated HK$3.70 to the index EPS change, with the index also affected by a rebalancing that added J&T Express, Chalco, and Beone Medicines. The largest positive contributor was Meituan (3690 HK), adding HK$5.52 to index EPS despite an 80.5% month-on-month EPS cut, driven by weighting effects. The largest negative contributors were PetroChina (857 HK) and Tencent (700 HK), each subtracting approximately HK$1.6 from index EPS, with PetroChina's 2026E EPS revised down 3.3% and Trip.com (9961 HK) seeing a 8.66% EPS cut and subtracting HK$1.2 from index EPS. On the upside, Longfor (960 HK) led with a 68.7% EPS revision increase, followed by Xinyi Solar at +8.09% and BYD Electronic at +4.42%.
ZIJIN MINING, BYD Electronic, TENCENT, AIA, SINO BIOPHARMACEUTICAL, PETROCHINA
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