Financials HKT Trust and HKT Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
8.9 ^HKD	+0.68%		+2.53%	-4.51%

Feb. 22	HKT's 2023 Profit Rises	MT
Feb. 22	Transcript : HKT Trust and HKT Limited, 2023 Earnings Call, Feb 22, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	83,137	76,175	79,369	72,534	70,639	67,456	-	-
Enterprise Value (EV) ¹	121,078	116,354	122,538	114,600	70,639	113,386	114,651	114,847
P/E ratio	15.9 x	14.4 x	16.5 x	14.8 x	14.1 x	13.3 x	13 x	12.7 x
Yield	6.41%	7.06%	6.94%	7.79%	-	8.84%	9.07%	9.29%
Capitalization / Revenue	2.51 x	2.35 x	2.34 x	2.13 x	2.06 x	1.93 x	1.9 x	1.88 x
EV / Revenue	3.66 x	3.59 x	3.61 x	3.36 x	2.06 x	3.24 x	3.23 x	3.21 x
EV / EBITDA	9.45 x	9.29 x	9.62 x	8.77 x	5.27 x	8.23 x	8.14 x	7.99 x
EV / FCF	14.3 x	17.4 x	18.1 x	13.6 x	-	10.3 x	9.83 x	9.61 x
FCF Yield	6.97%	5.75%	5.54%	7.36%	-	9.71%	10.2%	10.4%
Price to Book	2.19 x	2.01 x	2.14 x	1.99 x	-	1.94 x	1.99 x	2 x
Nbr of stocks (in thousands)	7,571,695	7,572,055	7,573,373	7,579,313	7,579,320	7,579,306	-	-
Reference price ²	10.98	10.06	10.48	9.570	9.320	8.900	8.900	8.900
Announcement Date	2/12/20	2/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,103	32,389	33,961	34,125	34,330	34,968	35,452	35,797
EBITDA ¹	12,817	12,527	12,733	13,064	13,400	13,773	14,079	14,365
EBIT ¹	7,696	7,186	7,081	7,257	7,748	8,059	8,320	8,503
Operating Margin	23.25%	22.19%	20.85%	21.27%	22.57%	23.05%	23.47%	23.75%
Earnings before Tax (EBT) ¹	6,274	6,174	5,819	5,560	5,508	5,859	6,091	6,177
Net income ¹	5,217	5,303	4,808	4,901	4,991	5,044	5,225	5,352
Net margin	15.76%	16.37%	14.16%	14.36%	14.54%	14.42%	14.74%	14.95%
EPS ²	0.6891	0.7000	0.6348	0.6470	0.6588	0.6671	0.6852	0.6996
Free Cash Flow ¹	8,442	6,686	6,786	8,438	-	11,010	11,661	11,946
FCF margin	25.5%	20.64%	19.98%	24.73%	-	31.49%	32.89%	33.37%
FCF Conversion (EBITDA)	65.87%	53.37%	53.29%	64.59%	-	79.94%	82.83%	83.16%
FCF Conversion (Net income)	161.82%	126.08%	141.14%	172.17%	-	218.29%	223.18%	223.19%
Dividend per Share ²	0.7038	0.7107	0.7277	0.7451	-	0.7864	0.8071	0.8270
Announcement Date	2/12/20	2/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	37,941	40,179	43,169	42,066	-	45,930	47,195	47,391
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.96 x	3.207 x	3.39 x	3.22 x	-	3.335 x	3.352 x	3.299 x
Free Cash Flow ¹	8,442	6,686	6,786	8,438	-	11,010	11,661	11,946
ROE (net income / shareholders' equity)	13.8%	14%	12.8%	13.3%	-	14.9%	15.8%	16.4%
ROA (Net income/ Total Assets)	5.29%	5.23%	4.52%	4.44%	-	4.46%	4.58%	4.62%
Assets ¹	98,667	101,470	106,391	110,403	-	113,023	114,094	115,777
Book Value Per Share ²	5.010	4.990	4.900	4.800	-	4.590	4.480	4.460
Cash Flow per Share ²	1.460	1.200	1.210	1.410	-	1.250	1.270	1.290
Capex ¹	2,642	2,377	2,378	2,253	-	2,936	3,065	2,535
Capex / Sales	7.98%	7.34%	7%	6.6%	-	8.4%	8.65%	7.08%
Announcement Date	2/12/20	2/4/21	2/24/22	2/23/23	2/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.9 HKD

Average target price

11.48 HKD

Spread / Average Target

+29.03%

	1st Jan change	Capi.
HKT TRUST AND HKT LIMITED	-4.51%	8.62B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B