Core Viewpoint - UBS reports that the potential revocation of telecommunications service licenses for Hong Kong Telecom-SS (06823) by the FCC will have a limited impact on the company's profitability due to its minimal exposure to the U.S. market, which accounts for less than 1% of total revenue [1] Summary by Category - **Regulatory Impact** - The FCC's proposed ban is not expected to significantly affect Hong Kong Telecom's earnings as the U.S. market represents a small portion of its overall revenue [1] - **Financial Metrics** - The business in the U.S. has a relatively low profit margin, further mitigating the potential impact of the regulatory changes [1] - **Investment Outlook** - UBS forecasts an attractive dividend yield of approximately 7.6% for 2026, which could support the stock price amid rising regulatory uncertainties [1] - The firm maintains a "Buy" rating on Hong Kong Telecom with a target price of HKD 13.4 [1]

Core Viewpoint - The potential ban by the FCC on Hong Kong Telecom's subsidiary providing telecommunications services in the U.S. is expected to have a limited impact on the company's profitability due to its minimal exposure to the U.S. market [1] Summary by Category Financial Impact - The U.S. market accounts for less than 1% of the company's total revenue, and the profit margin from this business is relatively low [1] - UBS forecasts an attractive dividend yield of approximately 7.6% for 2026, which could support the stock price amid rising regulatory uncertainty [1] Investment Rating - UBS maintains a "Buy" rating for Hong Kong Telecom with a target price of HKD 13.4 [1]

Core Viewpoint - Morgan Stanley reports that the FCC plans to revoke HKT International's operating qualifications in the U.S. due to its ties with China Unicom Americas, but the impact on HKT's fundamentals is expected to be manageable [1] Company Summary - HKT International's international business revenue (excluding Greater China) is projected to account for less than 7% of total revenue in 2024, with the U.S. market representing approximately 1% [1] - The profit margin of HKT's international business is generally lower than that of its local operations [1] - Morgan Stanley maintains a target price of HKD 13 for HKT and an "Overweight" rating despite the uncertainty surrounding the situation [1] Industry Summary - The potential revocation of operating qualifications by the FCC may lead to sustained negative market sentiment due to the uncertainty of the developments [1]

Core Viewpoint - Morgan Stanley reports that the FCC plans to revoke HKT International's operating qualifications in the U.S. due to its connection with China Unicom Americas, but the impact on HKT's fundamentals is expected to be manageable [1] Company Summary - HKT International's international business revenue (excluding Greater China) is projected to account for less than 7% of total revenue in 2024, with the U.S. market representing approximately 1% [1] - The profit margin of international business is generally lower than that of local operations [1] - Morgan Stanley has set a target price of HKD 13 for HKT and maintains an "Overweight" rating [1] Market Sentiment - There is potential for continued negative market sentiment due to the uncertainty surrounding the situation [1]

Core Viewpoint - The FCC plans to revoke the operating license of HKT International, a wholly-owned subsidiary of Hong Kong Telecommunications, in the United States, which may lead to a negative market sentiment despite the manageable impact on the company's fundamentals [1] Summary by Category Company Impact - If the revocation process is enacted, the impact on Hong Kong Telecommunications' fundamentals is expected to be controllable, as its international business revenue (excluding Greater China) is projected to account for less than 7% of total revenue in 2024 [1] - The revenue from the U.S. market constitutes approximately 1% of the total revenue, indicating limited exposure to potential losses from this decision [1] - The profit margin from international operations is generally lower than that of local business, further mitigating the potential financial impact [1] Market Sentiment - Due to the uncertainty surrounding the situation, negative market sentiment may continue to escalate, affecting the stock performance of Hong Kong Telecommunications [1] - Morgan Stanley has set a target price of HKD 13 for Hong Kong Telecommunications and maintains an "Overweight" rating, reflecting a cautious optimism despite the challenges [1]

Core Viewpoint - Hong Kong Telecommunications (HKT) has seen its stock price drop over 6% following the announcement by the FCC to revoke its operating authorization in the U.S. due to national security concerns [1] Company Summary - HKT's stock price fell by 6.08%, trading at HKD 10.97 [1] - The trading volume reached HKD 337 million [1] Industry Summary - The FCC's decision reflects increasing scrutiny on foreign telecommunications companies operating in the U.S., highlighting potential national security risks [1]

Core Viewpoint - Hong Kong Telecom-SS (06823) experienced a significant decline of over 6% in its stock price, attributed to the revocation of its operating authorization in the U.S. due to national security concerns [1] Company Summary - Hong Kong Telecom's stock price fell by 6.08%, reaching HKD 10.97, with a trading volume of HKD 337 million [1] - The U.S. Federal Communications Commission (FCC) announced the withdrawal of HKT International's operating authorization in the United States, citing national security reasons [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港電訊信託與香港電訊有限公司（備註1&2） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06823 | 說明 | | 優先股（為股份合訂單位的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HK ...

Core Viewpoint - Hong Kong Telecommunications announced a partnership between Now TV and Disney's Disney+, aiming to provide Hong Kong users with access to a wide range of Disney-branded content [1] Group 1 - Now TV users will soon be able to access Disney+ content through their mobile devices, tablets, and smart TVs via the Now TV application or website [1] - The Disney+ application is set to be preloaded on Now TV H1 set-top boxes by the end of this year [1]

REMINDER 提示 As a Non-registered Holder, if you wish to receive Corporate Communications* pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your share stapled units are held (collectively, the "Intermediaries") and provide your email address to your Intermediaries. CCS2991 HKTH_NRH REPLY FORM 回條 To: HKT Trust and HKT Limited (the "Company") 致： 香港電訊信託與香港電訊有限公司（「公司」） (Stock Code: 6823) （股份代號：6823） c/o Computershare Ho ...