DBS: Hutchison Telecommunications Hong Kong Holdings Ltd – Hold Target Price HK$1.00

Company Update: Roaming business recovery to support future earnings growth

• Mobile roaming recovery on track; roaming revenue should return to 70% and 90% of pre-COVID level in FY23 and FY24
• Lifted earnings forecasts by 82%, 9%, and 26% for FY23-FY25, on higher interest income assumptions 
• Expect earnings to increase by HK$234m to HK$76m in FY23, and increase by 127% and 67% in FY24 and FY25, respectively
• Maintain HOLD with TP of HK$1.0