[ET Net News Agency, 6 August 2020] Citi Research lowered its target price for HKT
Trust and HKT Ltd (06823) to HK$13 from HK$14 and maintained its "buy" rating.
The research house said HKT's 1H net profit of HK$1,898m (down 12.2%) was dragged mainly
by revenue decline & D&A increase. Citi expects HKT to continue to maintain stable local
mobile revenue growth, with likely positive revenue surprises from 5G & virtual bank
service.
It expects steady adjusted funds flow and dividend growth in the next two years. Citi
cut its FY2020-22 earnings forecasts by 13-14%. (KL)