Simultaneous re-rating of earnings and valuation

Did the share price move come from earnings expectations or from the valuation multiple?

Earnings and expectations ERN-049 Waterfall Sample

Sample data. Every number, symbol and holding on these pages is generated sample data dated 2026-10-16, used only to illustrate layout and method for educational and informational purposes. It is not market data, backtest output or a forecast, and the analytics described in the specifications are not running.

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0700.HK Tencent Holdings | Hang Seng Index | 2025-10-16 – 2026-10-16 | HKD

Highest item: Total price change
8.33 percentage points
Lowest item: Earnings expectations
-2.1 percentage points
Average
2.67 percentage points
Number of items
4 items

Main chart: log share price change decomposition (percentage points), by re-rating source

Log share price change decomposition (percentage points) (Waterfall)

Supporting chart: EPS consensus and forward P/E ratio

EPS consensus and forward P/E ratio (Bar)

Detail: rows, observation dates and missing-value status for the simultaneous re-rating of earnings and valuation

Log share price change decomposition (percentage points) and EPS consensus and forward P/E ratio (Table)

Sample data rows

Re-rating sourceLog share price change decomposition (percentage points)EPS consensus and forward P/E ratioData date (sample)
Earnings expectations -2.1 11.7 2026-10-16
Valuation multiple -1.25 17.9 2026-10-16
Total price change 8.33 18.3 2026-10-16
Data residual 5.7 15.3 2026-10-16
Total 10.68 63.2 2026-10-16