Great Wall: Hong Kong Broadband (01310.HK) exceeded expectations in the second half of the year with adjusted free cash flow. Rated "in line with the market."

According to the Wise Financial News APP, Morgan Stanley released a research report stating that Hong Kong Broadband (01310.HK) had a 13% year-on-year increase in service revenue, exceeding Morgan Stanley's expectations of 8.4%. This was mainly due to an increase of 360 million Hong Kong dollars in IDD revenue, while SI revenue increased by 14% year-on-year. Adjusted EBITDA met Morgan Stanley's expectations, and adjusted free cash flow increased by 11% year-on-year to 551 million Hong Kong dollars, exceeding Morgan Stanley's expectations of 8%, due to a decrease in interest costs. Morgan Stanley gave Hong Kong Broadband a target price of 6.5 Hong Kong dollars, with a rating of "in line with the market." Morgan Stanley stated that Hong Kong Broadband had just completed a 10.7 billion Hong Kong dollars debt refinancing, which will incur one-time costs of 140 million Hong Kong dollars, but interest costs should decrease.