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Hong Kong conglomerate that controls telecom operator HKT and media/tech businesses including Now TV.
Hong Kong conglomerate that controls telecom operator HKT and media/tech businesses including Now TV.
Operates as a holding company: most of its cash comes from its controlling stake in HKT, which charges Hong Kong households and businesses for broadband, mobile and fixed-line services and passes dividends up. Now TV, a pay-TV and streaming service, is the main business it owns directly. Richard Li, through Pacific Century Group, is its largest shareholder.
In one line: A HK telecom/media holding company, parent of HKT.
Moat: narrow (installed base, regulatory licence). Controls HKT's entrenched fixed-line/broadband network and licences.
Headquarters: Hong Kong · Founded: 1993 · Employees: 14,600
Size PCCW (0008.HK) is a Hong Kong Communication Services company (Major Telecommunications) with a market value of $5.04B, the 252nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.11 on 6 Nov 2026.
Performance Over six months the shares fell 17.0%, against -5.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +1.4%); the operating margin is 12.7% (peer median 9.4%).
Valuation It trades at 46.4× forward earnings against a peer median of 15.5× (most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (5.1% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$41.5B | HK$40.3B | HK$37.6B | HK$36.3B | HK$36.1B |
| Revenue growth | — | +7% | +3% | +1% | — |
| Gross profit | HK$10.7B | HK$11.0B | HK$11.0B | HK$10.4B | HK$10.4B |
| EBITDA | HK$13.3B | HK$13.4B | HK$12.9B | HK$13.1B | HK$12.2B |
| Net income | -HK$84.0M | -HK$253M | -HK$300M | -HK$471M | -HK$622M |
| Free cash flow | n/a | HK$7.75B | HK$5.85B | HK$8.79B | HK$6.95B |
| Capital expenditure | HK$5.60B | HK$7.67B | HK$7.55B | HK$8.02B | HK$6.91B |
| Total debt | n/a | HK$71.1B | HK$63.5B | HK$63.5B | HK$61.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PCCW 0008.HK | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% |
| HKT Trust and HKT 6823.HK | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% |
| Hutchison Telecommunications Hong Kong 0215.HK | $679M | -9% | +23% | 0% | 55.2× | -7.2% |
| SmarTone Telecommunications 0315.HK | $663M | -9% | +6% | 11% | 9.2× | -17.5% |
| China Mobile 0941.HK | $227B | -2% | +4% | 19% | 11.3× | -16.3% |
| China Unicom 0762.HK | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0008.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +2.9% | 5th lowest of 21 |
| 6-month return | -17.0% | -5.5% | 5th lowest of 21 |
| Distance from 52-week high | -19.9% | -18.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +7.1% | +1.4% | 6th highest of 21 |
| Operating margin | 12.7% | 9.4% | 10th highest of 21 |
| Forward P/E | 46.4× | 15.5× | most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 0.4% | 8th most demanding of 18 |
| Growth delivered (Del g) | +2.3% | +2.9% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -1.1 pp | -4.4 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | +1.0 pp | +0.1 pp | 10th highest of 20 |
| EV / EBITDA | 8.6× | 8.9× | 9th cheapest of 18 |
| Net debt / EBITDA | 5.4× | 2.5× | 2nd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 12.8× | 4.1% | +8.4% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
| Liberty Global LBTYA | United States | $3.28B | -19% | -27% | -1% | n/a | n/a | n/a |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% | +2.3% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | n/a | n/a | n/a |
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | n/a | n/a | n/a |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 19.5× | 5.7% | -2.2% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | n/a | 0.5% | +3.4% |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 13.8× | -1.5% | +5.9% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 11.9× | -0.4% | +10.4% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |