Company Update: Roaming recovery on track
- Mobile roaming recovery on track; expect roaming revenue to hit 85% of pre-COVID level in FY6/24, from 58% in FY6/23
- Lowered earnings forecasts by 9%/11%/12 for FY6/24-FY6/26, to reflect lower ARPU assumptions due to intensifying competition
- Expect earnings to increase by 74%, 9.8%, and 9.6% in FY6/24, FY6/25, and FY6/26, respectively
- Downgrade to HOLD as roaming recovery has largely been priced in; TP of HK$4.2