[ET Net News Agency, 13 March 2020] Goldman Sachs lowered its target price for HKT
Trust and HKT (06823) to HK$14.1 from HK$14.3 and maintained its "buy" rating.
The research house estimated roaming represents 13% of total mobile service revenue,
among which around 90% comes from outbound traffic. Therefore, assuming inbound revenue to
stay flat HoH and outbound revenue to decrease by 70%, Goldman lowered its 2020 mobile
service revenue by 3.5%.
It also lowered its enterprise revenue forecast for 1H 2020/2020 by 4.5%/2.3% to factor
in lower incremental revenue opportunity due to the COVID-19 impact. Standalone handset
sales account for 50%-70% of overall handset sales (versus bundled handset sales at around
30%-50%) according to management, which is impacted by fewer new model launches in 1Q.
Hence, Goldman cut 1H 2020/2020 standalone handset sales by 50%/24% respectively.
Reflecting on the above factors, Goldman lowered its 2020 revenue/EBITDA/EPS by
2.6%/2.0%/4.3%. (KL)
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06823 HKT-SS
Nominal 
8.830 -0.110 (-1.230%) Research Report
13/03/2020 17:12
{I-bank focus}Goldman lowers HKT-SS (06823) to HK$14.1
| Remark: | Real time quote last updated: 18/04/2024 15:07 |
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