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HKT Trust (6823) Fair Value & Analysis

Communication Services · HK · Market cap HK$88.6B (≈ $11.3B) · ISIN HK0000093390

What is HKT Trust really worth?

HT HKT Trust 6823 · HK
PriceHK$12.32
Fair ValueHK$11.80
Upside−4.2%
Quality55/100

A solid business, currently priced close to our fair value of HK$11.80.

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Strengths

✓Healthy Growth (revenue 5y +2.4 %/yr)
✓Solidly profitable · 14.5% net margin
✓Moderate debt · generates free cash flow
✓Ranks above peers (9/14)

Risks

!Moderate moat 61/100
!Weak on valuation: 28 out of 100

For context

·6.72% dividend yield
Evidence: High Range HK$7.62 – HK$15.67

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 22 days ago

Share price −7.6% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (HK$7.62 to HK$15.67) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$13.50 HK$6.42 Fair Value HK$11.80 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$6.42 – HK$13.50 · fair‑value band HK$7.62 – HK$15.67 · the HK$12.32 price screens above the HK$11.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

HKT Trust (6823) currently trades at HK$12.32, while our model-based Fair Value estimate is HK$11.80, implying the stock looks roughly 4.4% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of HK$12.05 per share, and 4 of the 25 models we run sit above the HK$12.32 price. Bear case: the Asset-Based group reads lowest at HK$3.25, and 21 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, HKT Trust generated revenue of HK$36.6B at a net margin of 14.5%. Revenue grew 6.3% year over year. It earns a return on equity of 14.7%. Net debt stands at HK$44.9B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$7.62 (bear case) to HK$15.67 (bull case); at HK$12.32, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −4%, 6823 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$3.58 HK$7.04 HK$11.87 77
Growth DCF HK$3.86 HK$7.13 HK$11.52 76
EPV HK$4.46 HK$6.00 HK$7.36 74
All 25 models by family
DCF Models
FCF DCF HK$3.58 HK$7.04 HK$11.87 77
Owner Earnings HK$2.89 HK$6.06 HK$10.49 73
5Y Revenue Exit HK$4.14 HK$8.79 HK$14.46 70
5Y EBITDA Exit HK$7.51 HK$14.68 HK$22.62 73
5Y P/E Exit HK$4.61 HK$9.60 HK$14.49 69
10Y Revenue Exit HK$3.57 HK$7.66 HK$12.60 64
10Y EBITDA Exit HK$5.95 HK$11.61 HK$18.46 66
10Y P/E Exit HK$4.14 HK$8.20 HK$12.62 62
Earnings-Based
Graham-Dodd HK$4.74 HK$10.02 HK$12.70 66
PEG = 1.0 HK$1.51 HK$2.16 HK$2.81 57
EPV HK$4.46 HK$6.00 HK$7.36 74
Dividend Discount
Gordon GGM HK$7.31 HK$11.10 HK$15.15 68
DDM Multi-Stage HK$7.31 HK$10.46 HK$14.06 67
Multiples
P/E Multiple HK$11.51 HK$15.34 HK$19.18 63
P/S Multiple HK$8.89 HK$11.85 HK$14.82 58
P/B Multiple HK$8.89 HK$11.85 HK$14.82 55
EV/EBIT HK$8.30 HK$12.67 HK$17.05 65
EV/EBITDA HK$11.95 HK$17.54 HK$23.13 66
EV/Revenue HK$5.13 HK$9.39 HK$13.66 52
Asset-Based
NCAV (Graham) HK$2.43 HK$3.25 HK$4.86 54
Growth DCF
Growth DCF HK$3.86 HK$7.13 HK$11.52 76
Rev-Margin DCF HK$4.14 HK$8.89 HK$13.84 70
Economic Profit
Residual Income HK$4.79 HK$5.81 HK$10.58 73
ROIC Compounder HK$4.46 HK$6.32 HK$8.48 71
Growth Earnings
Growth-Adj P/E HK$8.44 HK$12.05 HK$15.67 67

Widest divergence: Growth Earnings (HK$12.05) versus Asset-Based (HK$3.25). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 16.7 as of Jul 2, 2026
P/S ratio 2.42 P/E × margin
EPS (TTM) HK$0.2700 price ÷ EPS = P/E 16.7
Dividend yield 6.7%
Net margin 14.5% FY2025
Return on equity 14.7% TTM
More key figures
Profitability
Return on assets (EBIT) 6.7% avg 5y
Operating margin 24.3% TTM
Growth
Revenue (TTM) HK$36.6B TTM
Revenue growth (YoY) +6.3% 3y avg +2.3%
EPS growth (YoY) +4.4%
Balance sheet & cash flow
Free cash flow HK$6.1B FY2025
Net debt HK$44.9B FY2025 · ≈ 7.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 70

Profitability 38
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 22
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

HKT Trust and HKT Limited, an investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally. The company operates through Telecommunications Services, Mobile, and Other Businesses segments.

Full company description

HKT Trust and HKT Limited, an investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally. The company operates through Telecommunications Services, Mobile, and Other Businesses segments. It offers technology and telecommunications and related services including enterprise solutions, total home solutions, and media entertainment; mobile telecommunication; and operates The Club's loyalty platform. It also offers financial and healthtech services. The company was incorporated in 2011 and is headquartered in Quarry Bay, Hong Kong. HKT Trust and HKT Limited operates as a subsidiary of CAS Holding No.1 Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HKT Trust reported revenue of HK$36.6B in FY2025 versus HK$34.0B in FY2021, a compound +1.9%/yr. Reported net income was HK$5.3B in FY2025, compounding +2.4%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$36.6B
Latest YoY
+5.2%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.3%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.4%
Avg. revenue growth/yr (17Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+6.9% (0.2 + 6.7)
Revenue +1.9%/yr
FY21 HK$34.0B
FY22 HK$34.1B
FY23 HK$34.3B
FY24 HK$34.8B
FY25 HK$36.6B
Net income +2.4%/yr
FY21 HK$4.8B
FY22 HK$4.9B
FY23 HK$5.0B
FY24 HK$5.1B
FY25 HK$5.3B
Character of growth · EPS growth decomposed (2014-2025) +2.7 % p.a.
Revenue per share +0.7 %

of which total revenue +0.9 % · buybacks/dilution −0.2 %

EBIT margin +3.0 %
Tax rate −0.1 %
Residual (interest, one-offs) −0.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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HKT Trust · Fair Value
HK$11.80 −4%Fair Value
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Cite: Fair Value Calculator (2026). "HKT Trust Fair Value". https://www.fairvalue-calculator.com/stock/6823

Peer Group

Telecom Services · 248 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside −4% · Below median
Return on equity (TTM) 15% · Above median
Return on assets 4% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 6.7% · Top 25%
Debt / equity 1.05× · Higher than 75% of peers

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 16.7× · Cheaper than median
P/B 2.41× · Pricier than median
P/S (TTM) 2.42× · Pricier than 75% of peers
P/FCF 1.9× · Cheaper than median
EV/EBITDA 12.4× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE28 · sector 28
FUTURE32 · sector 16
PAST59 · sector 28
HEALTH47 · sector 89
DIVIDEND100 · sector 76

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is HKT Trust (6823) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$11.80 versus a price of HK$12.32, about −4% upside (fairly valued).
What is the fair value of 6823?
Our model-based fair value for HKT Trust is HK$11.80 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$12.32.
What is the quality score of 6823?
HKT Trust has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of HKT Trust (6823)?
HKT Trust reported trailing-twelve-month revenue of about HK$36.6B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 6823?
The net profit margin of HKT Trust is about 14.5%, meaning it keeps roughly 14.5% of revenue as net income. Based on the latest reported figures.
Does HKT Trust pay a dividend?
HKT Trust currently shows a dividend yield of about 6.72% relative to its recent price (as of Aug 13, 2026).
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