[ET Net News Agency, 6 August 2020] Goldman Sachs trimmed its target price for HKT
Trust and HKT (06823) to HK$13.7 from HK$14 and maintained its "buy" rating.
The research house said HKT's 1H total service revenue/EBITDA/adjusted funds flow (AFF)
represent 46.2%/44%/43.6% of Goldman's 2020 estimates.
The company has acquired 100k 5G subs by end of July (since launch on 1 April) with
implied penetration at 4%. Management targets to achieve 6%-8% 5G subs take-up by the end
of 2020, with over 90% population coverage.
Factoring in 1H results, Goldman revised its net income forecast by -4.5% to +0.6% for
2020-2022. (KL)