First Read: HKT Trust and HKT Limited "2026 AIC: Competitive environment..."

研报英文原文证据摘录

First Read: HKT Trust and HKT Limited "2026 AIC: Competitive environment..."

Global Research

28 May 2026ab

First Read

EquitiesHKT Trust and HKT Limited

2026 AIC: Competitive environment remains Hong Kong

steady Wireless Communications

12-month rating Buy

12m price target HK$13.40

Management remains focused on driving customer retention and ARPU growth

We hosted HKT at our 2026 Asian Investment Conference. Management noted that the

competitive environment has remained steady YTD, and reiterated its focus on driving Price (28 May 2026) HK$11.92

customer retention and ARPU growth. This strategy is supported by cross-selling and RIC: 6823.HK BBG: 6823 HK

upselling initiatives across mobile, fixed-line, and Pay TV services.The company

Trading data and key metrics

continues to benefit from AI adoption, which has driven cost efficiencies. It is also

enabling the deployment of AI-powered systems for clients, with management 52-wk range HK$12.93-11.17

exploring additional use cases to further expand applications. On costs, management Market cap. HK$90.4b/US$11.5b

indicated that the impact of higher electricity prices should be manageable, supported Shares o/s 7,580m (ORD)

by ongoing efforts to optimize energy usage. With peak 5G investment now behind, the Free float 45%

capex-to-revenue ratio is expected to remain stable in 2026. In terms of balance sheet, Avg. daily volume ('000) 9,192

management highlighted sufficient undrawn bank facilities to cover the upcoming US Avg. daily value (m) HK$113.6

$750m debt maturity. Common s/h equity (12/25E) HK$37.6b

P/BV (12/25E) 2.4x

Net debt to EBITDA (12/25E) 3.0x

EPS (UBS, diluted) (HK$)

UBS Cons.

12/25E 0.72 0.70

12/26E 0.76 0.74

12/27E 0.77 0.77

Ryan Lau

Analyst

ryan-za.lau@ubs.com

+852-2971 7954

Sara Wang

sara.wang@ubs.com