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PCCW Limited
(0008)
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Rating:54Neutral
Price Target:
HK$6.00
â–²(11.94% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by elevated financial risk (very high leverage and negative equity) and recent net losses, despite resilient operating results and strong cash flow. Technical indicators are constructive with the stock trading above major moving averages and positive momentum. Valuation is mixed: an attractive dividend yield is offset by a negative P/E driven by losses.
Positive Factors
Resilient Operating Performance
Stable revenue growth alongside strong operating and EBITDA margins indicates the core telecom and services platform retains operating scale. This supports durable profitability at the operating level, even though bottom-line results remain pressured.
Negative Factors
Very High Leverage
Rising debt combined with negative equity materially increases financial risk and reduces flexibility to absorb operational shocks. It may also constrain future investment, refinancing options and distributions despite the company’s underlying cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Operating Performance
Stable revenue growth alongside strong operating and EBITDA margins indicates the core telecom and services platform retains operating scale. This supports durable profitability at the operating level, even though bottom-line results remain pressured.
Read all positive factors
PCCW Limited (0008) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$41.93B
Dividend Yield7.06%
Average Volume (3M)9.63M
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue Growth7.10%
EPS Growth70.22%
CountryHK
Employees14,600
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.01
Shares Outstanding7,747,762,700
10 Day Avg. Volume8,380,988
30 Day Avg. Volume9,626,578
Financial Highlights & Ratios
PEG Ratio10.50
Price to Book (P/B)-21.25
Price to Sales (P/S)1.04
P/FCF Ratio5.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$5.80Price Target Upside8.21% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)HK$41.39B
PCCW Limited Business Overview & Revenue Model
Company Description
PCCW Limited, founded in 1925 and headquartered in Quarry Bay, Hong Kong, operates as a global telecommunications and technology services provider across Hong Kong, mainland China, Singapore, and other international markets. Its diverse portfolio ...
How the Company Makes Money
PCCW makes money primarily by selling telecommunications, connectivity, pay-TV/content, and enterprise technology services, with most operating profit historically attributed to its telecommunications-focused business (via HKT). Key revenue stream...
PCCW Limited Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
22
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.53B | 40.25B | 37.56B | 36.35B | 36.06B | 35.45B |
| Gross Profit | 10.75B | 11.01B | 18.43B | 18.23B | 18.15B | 17.73B |
| EBITDA | 13.34B | 13.36B | 11.22B | 13.21B | 12.38B | 11.86B |
| Net Income | 209.00M | -27.00M | -66.00M | -471.00M | 393.00M | 1.26B |
Balance Sheet | ||||||
| Total Assets | 108.64B | 105.41B | 98.76B | 94.56B | 95.06B | 94.22B |
| Cash, Cash Equivalents and Short-Term Investments | 4.23B | 4.06B | 2.58B | 2.71B | 3.13B | 5.04B |
| Total Debt | 72.84B | 68.77B | 53.94B | 54.19B | 51.65B | 49.22B |
| Total Liabilities | 110.22B | 103.86B | 87.24B | 84.86B | 82.30B | 78.74B |
| Stockholders Equity | -4.21B | -1.97B | 7.49B | 2.48B | 11.44B | 14.36B |
Cash Flow | ||||||
| Free Cash Flow | 2.67B | 7.75B | 3.08B | 5.32B | 3.43B | 1.78B |
| Operating Cash Flow | 10.10B | 9.81B | 10.63B | 13.35B | 10.34B | 9.70B |
| Investing Cash Flow | -7.75B | -8.15B | -7.70B | -7.46B | -6.01B | -7.62B |
| Financing Cash Flow | -613.00M | -1.37B | -3.26B | -6.27B | -5.83B | -1.57B |
PCCW Limited Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$1.73T | 11.10 | 9.13% | 6.87% | 4.26% | -4.41% | |
70 Outperform | HK$633.47B | 19.56 | 6.40% | 6.41% | 0.29% | -9.25% | |
69 Neutral | HK$93.42B | 17.60 | 14.86% | 6.72% | 7.09% | 4.21% | |
68 Neutral | HK$178.23B | 7.58 | 6.99% | 7.98% | 3.82% | -22.79% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | HK$41.93B | -496.79 | -6.77% | 7.06% | 7.10% | 70.22% | |
51 Neutral | HK$8.05B | 38.69 | 9.40% | 6.32% | 8.01% | 58.51% |
* Communication Services Sector Average
HK:0008
PCCW Limited
5.42
0.42
8.47%
HK:0728
China Telecom
4.52
-0.89
-16.50%
HK:0941
China Mobile
78.90
-3.15
-3.84%
HK:0762
China Unicom (Hong Kong)
5.83
-3.70
-38.82%
HK:1310
HKBN
5.44
0.61
12.72%
HK:6823
HKT and HKT
12.32
1.34
12.22%
PCCW Limited Corporate Events
PCCW Delivers Strong Interim Earnings as Viu and ViuTV Expand AI-Driven Media Reach
Jul 30, 2026
PCCW reported a 7% increase in revenue to HK$20,204 million for the first half of 2026, with HKT contributing solid growth and the OTT and Free TV units also expanding their top line. EBITDA rose 3% to HK$6,182 million, consolidated profit climbed...
PCCW Declares Interim Cash Dividend for First Half of 2026
Jul 30, 2026
PCCW Limited has declared an interim ordinary cash dividend of HKD 0.0977 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The shares will go ex-dividend on 13 August 2026, with the record date set f...
PCCW Highlights Majority Stake as HKT Trust Posts Interim 2026 Results
Jul 29, 2026
PCCW Limited has reported that HKT Trust and HKT Limited have released their unaudited consolidated interim results for the six months ended 30 June 2026, reflecting the latest financial and operational performance of its core telecoms affiliate. ...
PCCW Sets Board Meeting to Approve Interim Results and Consider Dividend
Jul 20, 2026
PCCW Limited has scheduled a board meeting for 30 July 2026 to review and approve the interim results for the six months ended 30 June 2026. The directors will also consider the declaration of an interim dividend, which could signal managementR...
PCCW Grants 124,126 Share Awards Under 2024 Incentive Scheme
Jun 30, 2026
PCCW Limited has granted 124,126 new share awards under its 2024 Share Award Scheme to employee participants across the group, with no purchase price and a reference closing price of HK$5.33 per share on the grant date. The awards are split into t...
PCCW Discloses CAS Holding 2025 Results Linked to US$750 Million Securities
Jun 9, 2026
PCCW Limited has announced that its wholly owned subsidiary CAS Holding No. 1 Limited has published its audited consolidated financial statements for the year ended 31 December 2025 on the Singapore Exchange, fulfilling overseas regulatory disclos...
PCCW Grants 1.6 Million Share Awards Under 2024 Incentive Scheme
May 22, 2026
PCCW Limited has granted a total of 1,609,822 share awards under its 2024 Share Award Scheme to employee participants across the Group. The awards, issued at no purchase price and referencing a closing share price of HK$6.15 on the grant date, are...
PCCW Wins Shareholder Backing for Dividend, Board Slate and Capital Mandates at AGM
May 21, 2026
PCCW shareholders approved all resolutions at the 21 May 2026 annual general meeting, including adoption of the 2025 audited financial statements and a final dividend of HK$0.2848 per share, signaling confidence in the group’s financial perf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.