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Hong Kong’s mobile operators took a hit as travel restrictions led to a loss of roaming revenue in 2021, but local mobile service revenue has been resilient. We see a gradual recovery in the residential broadband market in 2022 as well, with supply of new housing to drive demand.
Demand for telecom services such as broadband and VPN remains strong and we expect the enterprise market to grow 2.9% in FY22 and 2.5% in FY23. Which telecom players stand out?
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Fixed-line operators
We prefer fixed-line operators to mobile operators, as the former is less impacted by COVID-19 and provides clearer earnings and dividend visibility.
Both HKT Trust and Hong Kong Broadband Network offer an attractive dividend yield of 7-8%.
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