HKT Trust (6823) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of HKT Trust stock HK$11.35, price HK$12.27, that is 7.5% below the price, quality 55 out of 100. Rating: fairly valued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range HK$6.42 – HK$13.50 · fair‑value band HK$6.70 – HK$14.86 · the HK$12.27 price screens above the HK$11.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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HKT Trust and HKT Limited, an investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally.
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The company operates through Telecommunications Services, Mobile, and Other Businesses segments.
It offers technology and telecommunications and related services including enterprise solutions, total home solutions, and media entertainment; mobile telecommunication; and operates The Club's loyalty platform. It also offers financial and healthtech services.
The company was incorporated in 2011 and is headquartered in Quarry Bay, Hong Kong. HKT Trust and HKT Limited operates as a subsidiary of CAS Holding No.1 Ltd.
Stock analysis
HKT Trust (6823) currently trades at HK$12.27, while our model-based Fair Value estimate is HK$11.35, so the stock looks roughly fairly valued today (gap 8.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$12.05 per share, and 1 of the 23 models we run sit above the HK$12.27 price.
Bear case: the Economic Profit group reads lowest at HK$6.50, and 22 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: HK$6.70 (bear) to HK$14.86 (bull), the price of HK$12.27 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HKT Trust reported revenue of HK$36.6B in FY2025 versus HK$34.0B in FY2021, a compound +1.9%/yr. Reported net income was HK$5.3B in FY2025, compounding +2.4%/yr from FY2021.
Key figures
Market cap HK$93.0B (≈ $11.9B) Large · P/E ratio 16.8 · P/S ratio 2.43 · Dividend yield 6.7% · Net margin 14.5% · Return on equity 15.6% · Return on assets (EBIT) 6.7% (5-year average) · Operating margin 19.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 12% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 51% fair-value upside, at −7%, 6823 screens richer than that median.
Fair Value models
BearHK$6.70Fair Value HK$11.35BullHK$14.86
Price HK$12.27 · Downside -7.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Start year 2020 (pandemic). Over 10 years: +0.5% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)6.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.2% vs 2.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 23%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +6.0% a year for the price.
AI conclusion: Telecom infrastructure supports moderate margins and steady operations as the main strength, while elevated debt and limited unique edges form the primary weakness.
Main risk: China Mobile Hong Kong could capture customers or force HKT to cut tariffs in the mobile segment with significantly lower-priced plans.
Bull case: HKT could leverage its new AI data centre interconnect and GBA fibre projects to win enterprise contracts that offset any domestic price pressure or lost US revenue.
Bear case: Intense price competition from China Mobile Hong Kong combined with loss of US operations might erode margins in core mobile and international services without sufficient new enterprise growth.
HKT is opening an Innovation and Technology Centre with an AI Exchange in the Hong Kong-Shenzhen park to link major data centres via high-speed low-latency fibre. The move targets AI computing for enterprises and research institutions while supporting cross-boundary data flows in the Greater Bay Area. Will these infrastructure projects mainly unlock new enterprise revenue streams or largely sustain the existing telecom base?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 234 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−7.5% · Below median
Profitability
Return on equity (12 months)15.6% · Above median
Return on assets4.4% · Above median
Net margin (12 months)14.2% · Top 25%
Operating margin (12 months)19.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.9% · Above median
Dividend yield (12 months)6.7% · Top 25%
Balance sheet
Debt / equity1.05× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)16.8× · Pricier than median
P/B2.53× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.45× · Priciest 25%
Price / free cash flow (fiscal year)15.3× · Pricier than median
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Cite: Fair Value Calculator (2026). "HKT Trust Fair Value". https://www.fairvalue-calculator.com/stock/6823
Frequently asked questions
Is HKT Trust (6823) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of HK$11.35 versus a price of HK$12.27, about 7% lower (fairly valued).
What is the fair value of 6823?
Our model-based fair value for HKT Trust is HK$11.35 (as of Nov 8, 2026), built from audited fundamentals. The current price: HK$12.27.
What is the quality score of 6823?
HKT Trust has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HKT Trust (6823)?
Our model-based price target is the fair value of HK$11.35 (as of Nov 8, 2026) from 23 valuation models. Cautious scenario HK$6.70, optimistic scenario HK$14.86. It is a calculation from audited fundamentals, not an analyst target.
What is the HKT Trust stock forecast for 2026?
Our models put fair value at HK$11.35, about 7% lower versus a price of HK$12.27 (fairly valued). Cautious scenario HK$6.70, optimistic scenario HK$14.86. The calculation is refreshed regularly with new filings.
What is the revenue of HKT Trust (6823)?
HKT Trust reported trailing-twelve-month revenue of about HK$37.9B (latest available figure, as of Nov 8, 2026).
Does HKT Trust pay a dividend?
HKT Trust currently shows a dividend yield of 6.75% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of HKT Trust (6823) and when is the ex-dividend date?
HKT Trust pays a dividend of HK$0.828 per share a year, a dividend yield of 6.7%. The last ex-dividend date was Aug 13, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 119% of earnings. Free cash flow covers the dividend 0.97 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What growth is priced into HKT Trust (6823)?
For today's price to be fair in a discounted-cash-flow model, HKT Trust would have to grow free cash flow by +8.3 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 6823 use?
Our models discount HKT Trust at 8.6 %: a base by market capitalisation (large), damped by beta 0.44, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HKT Trust that is +8.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has HKT Trust (6823) delivered so far?
Over the past 5 years revenue at HKT Trust grew +2.5 % a year. The price currently implies free-cash-flow growth of +8.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HKT Trust (6823) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into HKT Trust (+8.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HKT Trust (6823)?
The free-cash-flow yield on the price is 6.55 %: that much free cash flow HKT Trust produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HKT Trust (6823)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HKT Trust it is HK$11.35 per share (as of Nov 8, 2026), against a price of HK$12.27. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is HKT Trust stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 6823 trades above its calculated fair value: price HK$12.27, fair value HK$11.35, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 6823?
No. The price is what the market pays today (HK$12.27); the fair value is what the company's own numbers justify (HK$11.35). For HKT Trust the two are HK$0.9200 per share apart. That gap is exactly why we show both numbers side by side.
How much is HKT Trust worth?
The market values HKT Trust at about HK$93.0B (market capitalisation, as of Nov 8, 2026). Per share that is HK$12.27; our models calculate a fair value of HK$11.35 per share.
What do the bullish and bearish scenarios say about 6823?
Our models span a range for HKT Trust: cautious scenario HK$6.70, base HK$11.35, optimistic HK$14.86 per share (as of Nov 8, 2026, price HK$12.27). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6823?
HKT Trust trades at a price-to-earnings ratio of 16.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$11.35 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 14.8. Other multiples: P/B 2.5, P/S 2.5, EV/EBITDA 12.7.
How solid is the balance sheet of HKT Trust (6823)?
Balance-sheet figures for HKT Trust (as of Nov 8, 2026): return on equity 15.6%, debt of 1.05 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 6823 from its 52-week high?
HKT Trust trades at HK$12.27, about 9% below its 52-week high of HK$13.50 and 12% above the low of HK$10.99 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$11.35 is for.
Which stocks are comparable to HKT Trust?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HKT Trust stock attractive at the current price?
The data as of Nov 8, 2026: price HK$12.27, calculated fair value HK$11.35 (−7%), Quality Score 55/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 6823 calculated?
We run HKT Trust through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$11.35 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. HKT Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HKT Trust (6823)?
The closing price on Nov 6, 2026 was HK$12.27. Our model-based fair value is HK$11.35, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HKT Trust right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (HK$6.70 to HK$14.86) leaves room in how you read the outcome.
Where does the earnings growth of HKT Trust (6823) come from?
Earnings per share at HKT Trust grew +2.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.7 %, EBIT margin +3.0 %, tax rate −0.1 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HKT Trust
How large is the market capitalisation of HKT Trust (6823)?
The market capitalisation of HKT Trust is HK$93.0B (≈ $11.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HKT Trust (6823)?
The price-to-sales ratio of HKT Trust is 2.43 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of HKT Trust (6823)?
The dividend yield of HKT Trust is 6.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HKT Trust (6823)?
The net margin of HKT Trust is 14.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HKT Trust (6823)?
The return on equity (ROE) of HKT Trust is 15.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HKT Trust (6823)?
On an EBIT basis the return on assets of HKT Trust is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HKT Trust (6823)?
The operating margin of HKT Trust is 19.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HKT Trust (6823)?
Revenue at HKT Trust is growing +7.9% versus a year earlier (3y avg +2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HKT Trust (6823)?
Earnings per share at HKT Trust are growing +4.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HKT Trust (6823) carry?
The net debt of HKT Trust is HK$44.9B (fiscal year 2025, ≈ 7.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026