DBS Group Research cut its target price for HKBN (01310) to HK$11.8 from HK$12.5, and maintained its "buy" rating.
The research house forecast a CAGR of 20%+ p.a. dividend growth from FY2016-FY2019. The
company has increased its market share from 16% in FY2008 to 31% in 1H FY2016, and now is the second largest residential broadband operator in Hong Kong.
DBS expects slower adjusted free cash flow growth rates in FY2016-FY2017 at 2% and 4% respectively due to accelerated sub netadds after over-the-top (OTT) co-operations. However, the growth should accelerate to 37% in FY2018.
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