Core Viewpoint - Morgan Stanley's report indicates that Hong Kong Broadband's (01310) annual service revenue increased by 13% year-on-year, surpassing Morgan Stanley's expectation of 8.4% due to a rise in IDD revenue by HKD 360 million and a 14% increase in SI revenue [1] Financial Performance - Adjusted EBITDA met Morgan Stanley's expectations, while adjusted free cash flow grew by 11% to HKD 551 million, exceeding Morgan Stanley's forecast by 8% due to lower interest costs [1] - The company recently completed a debt refinancing of HKD 10.7 billion, which will incur a one-time cost of HKD 140 million, but is expected to lower interest expenses [1] Investment Outlook - Morgan Stanley set a target price of HKD 6.5 for Hong Kong Broadband, maintaining a "Market Perform" rating [1]
大摩：香港宽频下半年经调整自由现金流胜预期 评级“与大市同步”