---
title: "Morgan Stanley: If HKT's subsidiary is revoked of its operating qualification in the United States, the impact on fundamentals is expected to be controllable"
description: "Morgan Stanley analysis pointed out that if the Federal Communications Commission revokes the operating qualifications of HKT International, a wholly-owned subsidiary of HKT, the fundamental impact is"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/261377384.md"
published_at: "2025-10-16T06:40:12.000Z"
---

# Morgan Stanley: If HKT's subsidiary is revoked of its operating qualification in the United States, the impact on fundamentals is expected to be controllable

> Morgan Stanley analysis pointed out that if the Federal Communications Commission revokes the operating qualifications of HKT International, a wholly-owned subsidiary of HKT, the fundamental impact is manageable. In 2024, international business revenue accounts for less than 7% of total revenue, with the U.S. market only accounting for about 1%. Although the profit margin of international business is lower than that of local business, negative market sentiment may persist. The target price is set at HKD 13, with a rating of "Overweight."

The Federal Communications Commission (FCC) of the United States plans to revoke the operating qualifications of HKT International, a wholly-owned subsidiary of HKT-SS (06823.HK), in the United States, due to HKT's connections with China Unicom Americas.

Morgan Stanley analysis indicates that if the revocation process takes effect, the impact on HKT's fundamentals should be manageable, as its international business revenue (excluding Greater China) accounted for less than 7% of total revenue in 2024, with the U.S. market representing only about 1%, and the profit margin of international business is generally lower than that of local business.

However, due to the uncertainty of the situation, negative market sentiment may continue to ferment. The firm currently gives HKT a target price of HKD 13 and a "Buy" rating

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
