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Hong Kong Telecom Services:PCCW-HKT stake sale implications,Buy HKT’s 9%DPS CAGR at 7%yield

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Before market open on Feb. 13, PCCW announced that it (via wholly ownedsubsidiary CAS Holding) plans to dispose of an 11.1% stake in HKT Trust (HKT) via asecondary placement at HK$10.15 per share stapled unit, an 8.4% discount to theFeb. 10 closing price. The consideration would be US$1.1bn based on the deal price.

We remain Buy on HKT given improving mobile and broadband fundamentals, andalso its robust dividend growth outlook.

While our estimates are unchanged, in this note we look at key information aboutthe deal as well as the potential implications for both companies.





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