HKT Trust and HKT Limited: H126 in-line; asset-light strategy to capture Al opportunities

研报英文原文证据摘录

HKT Trust and HKT Limited: H126 in-line; asset-light strategy to capture Al opportunities

Global Research

29 July 2026ab

First Read

EquitiesHKT Trust and HKT Limited

H126 in-line; asset-light strategy to capture AI Hong Kong

opportunities Wireless Communications

12-month rating Buy

12m price target HK$13.40

H126 DPS up 3% YoY, in-line with estimates

HKT reported H126 EBITDA of HK$6.6bn, up c3% YoY, representing 45% of full year

estimates. This was in-line with AFF growth of 3%, supporting a H126 dividend of HK Price (29 Jul 2026) HK$12.86

$0.3480/sh (+3% YoY), which was in-line with consensus estimates. Mobile service RIC: 6823.HK BBG: 6823 HK

revenue increased 5% YoY, driven by solid roaming demand (+8% YoY) and continued

Trading data and key metrics

expansion in postpaid subscriber base (+1% YoY). Local TSS revenue was up 3% YoY,

supported by the upgrades of 2.5G broadband service, growth in consumer broadband 52-wk range HK$12.93-11.17

customer and higher enterprise revenue (+8% YoY). Management expects enterprise Market cap. HK$97.5b/US$12.4b

revenue growth to remain resilient into H226, supported by a healthy contract pipeline. Shares o/s 7,580m (ORD)

Management also noted that the competitive environment remains largely stable, while Free float 45%

HKT continues to focus on enhancing its service offerings. Avg. daily volume ('000) 9,387

Avg. daily value (m) HK$115

Asset-light strategy to capture AI opportunities Common s/h equity (12/25E) HK$37.6b

Management outlined HKT's strategy to capture AI-related opportunities in Hong Kong P/BV (12/25E) 2.6x

through an asset-light approach, supported by its extensive fibre network coverage and Net debt to EBITDA (12/25E) 3.0x

deep customer relationships. Key initiatives include targeted upgrades to its fibre