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Average price earnings ratios (times) by Hang Seng Industry Classification System
(Month-end figures)

Industry classification *	2016 Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	2017 Jan	Feb
Energy	18.83	19.15	17.71	18.23	17.90	17.95	20.38	21.10	20.68	20.74	21.96	21.33
Materials	15.16	15.96	15.23	16.07	16.36	17.00	15.98	16.01	17.27	16.75	19.40	18.91
Industrials	15.27	16.34	13.32	13.18	13.24	14.04	13.89	13.82	14.25	13.89	14.83	14.92
Consumer Goods	14.97	15.31	15.16	16.26	16.64	17.15	17.69	18.19	18.69	17.95	18.62	19.18
Consumer Services	14.58	14.37	14.18	13.90	14.95	14.69	16.18	16.87	17.84	16.84	17.66	18.17
Telecommunications	14.55	14.75	14.53	14.45	15.51	15.53	15.35	14.62	14.04	13.59	14.42	14.13
Utilities	13.97	13.51	13.50	13.71	14.06	14.35	14.27	14.05	13.72	13.10	13.77	14.34
Financials	7.38	7.51	7.39	6.68	6.90	7.49	7.61	7.59	7.78	7.58	7.92	9.06
Properties & Construction	7.75	7.85	7.52	7.74	8.28	8.61	8.96	8.86	8.66	8.26	8.73	9.23
Information Technology	27.98	28.05	32.53	32.75	34.34	37.23	38.86	38.17	36.58	36.41	38.70	39.21
Conglomerates	4.70	4.50	4.44	4.32	4.54	4.78	4.54	4.49	4.54	4.26	4.50	4.52
All stocks	10.14	10.24	10.05	9.75	10.17	10.67	10.89	10.84	10.88	10.53	11.09	11.83

* Industry classification is provided by Hang Seng Indexes Company Limited.