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Hong Kong's dominant fixed-line, broadband and mobile operator, majority owned by PCCW.
Hong Kong's dominant fixed-line, broadband and mobile operator, majority owned by PCCW.
Units are stapled, so the Trust and the company trade together as one unit, a structure built to pay out most cash flow as distributions. Customers pay monthly for broadband, mobile and enterprise services, and a sizable part of revenue is low-margin sale of phones and equipment. PCCW holds the majority.
In one line: Hong Kong's equivalent of a converged Verizon/Comcast telecom.
Moat: wide (installed base, regulatory licence, scale). Legacy fixed-line network and dominant broadband/mobile share in a small, dense market.
Headquarters: Hong Kong · Founded: 1925 · Employees: 12,700
Size HKT Trust and HKT (6823.HK) is a Hong Kong Communication Services company (Major Telecommunications) with a market value of $11.9B, the 145th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.27 on 6 Nov 2026.
Performance Over six months the shares fell 2.2%, against -8.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +1.7%); the operating margin is 21.8% (peer median 9.4%).
Valuation It trades at 16.8× forward earnings against a peer median of 15.5× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (5.1% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.9B | HK$36.6B | HK$34.8B | HK$34.3B | HK$34.1B |
| Revenue growth | — | +5% | +1% | +1% | — |
| Gross profit | HK$11.5B | HK$11.6B | HK$11.6B | HK$11.2B | HK$11.2B |
| EBITDA | HK$14.3B | HK$14.1B | HK$13.5B | HK$13.5B | HK$12.9B |
| Net income | HK$5.37B | HK$5.29B | HK$5.07B | HK$4.99B | HK$4.90B |
| Free cash flow | n/a | HK$8.05B | HK$7.96B | HK$7.36B | HK$7.73B |
| Capital expenditure | n/a | HK$5.53B | HK$5.13B | HK$5.04B | HK$5.00B |
| Total debt | n/a | HK$47.2B | HK$43.2B | HK$46.7B | HK$45.9B |
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 |
|---|---|---|---|---|---|---|
| HKT Trust and HKT 6823.HK | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% |
| PCCW 0008.HK | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% |
| China Mobile 0941.HK | $227B | -2% | +4% | 19% | 11.3× | -16.3% |
| 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% |
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 | 6823.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | +6.0% | 7th lowest of 20 |
| 6-month return | -2.2% | -8.8% | 8th highest of 20 |
| Distance from 52-week high | -9.7% | -19.2% | 5th highest of 20 |
| Revenue growth (TTM) | +7.1% | +1.7% | 7th highest of 20 |
| Operating margin | 21.8% | 9.4% | 5th highest of 20 |
| Forward P/E | 16.8× | 15.5× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.1% | 0.8% | 6th least demanding of 19 |
| Growth delivered (Del g) | +2.4% | +2.8% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -5.6 pp | -3.5 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | +2.9 pp | +1.0 pp | 9th highest of 20 |
| EV / EBITDA | 9.9× | 7.5× | 6th most expensive of 17 |
| Net debt / EBITDA | 3.3× | 2.5× | 5th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| 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% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| Liberty Global LBTYA | United States | $3.28B | -19% | -27% | -1% | n/a | n/a | n/a |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |