diff --git a/target/ppc/cpu.h b/target/ppc/cpu.h
index fc66c3561d..a297a52168 100644
--- a/target/ppc/cpu.h
+++ b/target/ppc/cpu.h
@@ -1144,6 +1144,9 @@ struct CPUPPCState {
     /* Other registers */
     target_ulong spr[1024]; /* special purpose registers */
     ppc_spr_t spr_cb[1024];
+    /* Composite status for PMC[1-5] enabled and counting insns or cycles. */
+    uint8_t pmc_ins_cnt;
+    uint8_t pmc_cyc_cnt;
     /* Vector status and control register, minus VSCR_SAT */
     uint32_t vscr;
     /* VSX registers (including FP and AVR) */
diff --git a/target/ppc/cpu_init.c b/target/ppc/cpu_init.c
index 06ef15cd9e..63f9babfee 100644
--- a/target/ppc/cpu_init.c
+++ b/target/ppc/cpu_init.c
@@ -8313,6 +8313,7 @@ static void ppc_cpu_reset(DeviceState *dev)
 #endif /* CONFIG_TCG */
 #endif
 
+    pmu_update_summaries(env);
     hreg_compute_hflags(env);
     env->reserve_addr = (target_ulong)-1ULL;
     /* Be sure no exception or interrupt is pending */
diff --git a/target/ppc/helper_regs.c b/target/ppc/helper_regs.c
index b847928842..8671b7bb69 100644
--- a/target/ppc/helper_regs.c
+++ b/target/ppc/helper_regs.c
@@ -123,7 +123,7 @@ static uint32_t hreg_compute_hflags_value(CPUPPCState *env)
     }
 
 #if defined(TARGET_PPC64)
-    if (pmu_insn_cnt_enabled(env)) {
+    if (env->pmc_ins_cnt) {
         hflags |= 1 << HFLAGS_INSN_CNT;
     }
 #endif
diff --git a/target/ppc/machine.c b/target/ppc/machine.c
index 93972df58e..756d8de5d8 100644
--- a/target/ppc/machine.c
+++ b/target/ppc/machine.c
@@ -8,6 +8,7 @@
 #include "qapi/error.h"
 #include "qemu/main-loop.h"
 #include "kvm_ppc.h"
+#include "power8-pmu.h"
 
 static void post_load_update_msr(CPUPPCState *env)
 {
@@ -19,6 +20,7 @@ static void post_load_update_msr(CPUPPCState *env)
      */
     env->msr ^= env->msr_mask & ~((1ULL << MSR_TGPR) | MSR_HVB);
     ppc_store_msr(env, msr);
+    pmu_update_summaries(env);
 }
 
 static int cpu_load_old(QEMUFile *f, void *opaque, int version_id)
diff --git a/target/ppc/power8-pmu.c b/target/ppc/power8-pmu.c
index 08d1902cd5..4fce6e8de8 100644
--- a/target/ppc/power8-pmu.c
+++ b/target/ppc/power8-pmu.c
@@ -11,8 +11,6 @@
  */
 
 #include "qemu/osdep.h"
-
-#include "power8-pmu.h"
 #include "cpu.h"
 #include "helper_regs.h"
 #include "exec/exec-all.h"
@@ -20,6 +18,7 @@
 #include "qemu/error-report.h"
 #include "qemu/main-loop.h"
 #include "hw/ppc/ppc.h"
+#include "power8-pmu.h"
 
 #if defined(TARGET_PPC64) && !defined(CONFIG_USER_ONLY)
 
@@ -121,18 +120,47 @@ static PMUEventType pmc_get_event(CPUPPCState *env, int sprn)
     return evt_type;
 }
 
-bool pmu_insn_cnt_enabled(CPUPPCState *env)
+void pmu_update_summaries(CPUPPCState *env)
 {
-    int sprn;
-
-    for (sprn = SPR_POWER_PMC1; sprn <= SPR_POWER_PMC5; sprn++) {
-        if (pmc_get_event(env, sprn) == PMU_EVENT_INSTRUCTIONS ||
-            pmc_get_event(env, sprn) == PMU_EVENT_INSN_RUN_LATCH) {
-            return true;
+    target_ulong mmcr0 = env->spr[SPR_POWER_MMCR0];
+    target_ulong mmcr1 = env->spr[SPR_POWER_MMCR1];
+    int ins_cnt = 0;
+    int cyc_cnt = 0;
+
+    if (!(mmcr0 & MMCR0_FC14) && mmcr1 != 0) {
+        target_ulong sel;
+
+        sel = extract64(mmcr1, MMCR1_PMC1EVT_EXTR, MMCR1_EVT_SIZE);
+        switch (sel) {
+        case 0x02:
+        case 0xfe:
+            ins_cnt |= 1 << 1;
+            break;
+        case 0x1e:
+        case 0xf0:
+            cyc_cnt |= 1 << 1;
+            break;
         }
+
+        sel = extract64(mmcr1, MMCR1_PMC2EVT_EXTR, MMCR1_EVT_SIZE);
+        ins_cnt |= (sel == 0x02) << 2;
+        cyc_cnt |= (sel == 0x1e) << 2;
+
+        sel = extract64(mmcr1, MMCR1_PMC3EVT_EXTR, MMCR1_EVT_SIZE);
+        ins_cnt |= (sel == 0x02) << 3;
+        cyc_cnt |= (sel == 0x1e) << 3;
+
+        sel = extract64(mmcr1, MMCR1_PMC4EVT_EXTR, MMCR1_EVT_SIZE);
+        ins_cnt |= ((sel == 0xfa) || (sel == 0x2)) << 4;
+        cyc_cnt |= (sel == 0x1e) << 4;
     }
 
-    return false;
+    ins_cnt |= !(mmcr0 & MMCR0_FC56) << 5;
+    cyc_cnt |= !(mmcr0 & MMCR0_FC56) << 6;
+
+    env->pmc_ins_cnt = ins_cnt;
+    env->pmc_cyc_cnt = cyc_cnt;
+    env->hflags = deposit32(env->hflags, HFLAGS_INSN_CNT, 1, ins_cnt != 0);
 }
 
 static bool pmu_increment_insns(CPUPPCState *env, uint32_t num_insns)
@@ -264,8 +292,9 @@ void helper_store_mmcr0(CPUPPCState *env, target_ulong value)
 
     env->spr[SPR_POWER_MMCR0] = value;
 
-    /* MMCR0 writes can change HFLAGS_PMCCCLEAR and HFLAGS_INSN_CNT */
+    /* MMCR0 writes can change HFLAGS_PMCC[01] and HFLAGS_INSN_CNT */
     hreg_compute_hflags(env);
+    pmu_update_summaries(env);
 
     /* Update cycle overflow timers with the current MMCR0 state */
     pmu_update_overflow_timers(env);
@@ -278,7 +307,7 @@ void helper_store_mmcr1(CPUPPCState *env, uint64_t value)
     env->spr[SPR_POWER_MMCR1] = value;
 
     /* MMCR1 writes can change HFLAGS_INSN_CNT */
-    hreg_compute_hflags(env);
+    pmu_update_summaries(env);
 }
 
 target_ulong helper_read_pmc(CPUPPCState *env, uint32_t sprn)
diff --git a/target/ppc/power8-pmu.h b/target/ppc/power8-pmu.h
index 3ee4b4cda5..a839199561 100644
--- a/target/ppc/power8-pmu.h
+++ b/target/ppc/power8-pmu.h
@@ -13,14 +13,12 @@
 #ifndef POWER8_PMU
 #define POWER8_PMU
 
-#include "qemu/osdep.h"
-#include "cpu.h"
-#include "exec/exec-all.h"
-#include "exec/helper-proto.h"
-#include "qemu/error-report.h"
-#include "qemu/main-loop.h"
-
 void cpu_ppc_pmu_init(CPUPPCState *env);
-bool pmu_insn_cnt_enabled(CPUPPCState *env);
+
+#if defined(TARGET_PPC64) && !defined(CONFIG_USER_ONLY)
+void pmu_update_summaries(CPUPPCState *env);
+#else
+static inline void pmu_update_summaries(CPUPPCState *env) { }
+#endif
 
 #endif
