Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed telecommunications services operator HKBN Limited (OTC:HKBNF) (OTC:HKBNY) [1310:HK].
HKBN is relatively less impacted by the coronavirus pandemic compared with peers because it is not as reliant on roaming revenue, while its enterprise solutions business has room for growth. Also, if HKBN can achieve the lower end of its three-year cumulative Adjusted Free Cash Flow or AFF target at HK$2.53 and pay out dividends per share of HK$0.95 in FY2021 as per market consensus, HKBN would offer a very attractive forward FY2021