Bank of America Merrill Lynch reaffirmed Hong Kong Telecom's (06823.HK) purchase rating, and the target price was raised from $12 to $12.3. The Hong Kong Broadband (01310.HK) purchase rating was maintained, and the target price was lowered from $11.5 to $10.5. The neutral rating of Digitcom (00315.HK) was reaffirmed, and the target price was raised from $12.5 to $13.4. Reiterating the neutral rating of HEC (00215.HK), the target price was raised from 2.7 yuan to 2.75 yuan. According to the bank, HKT's business prospects are stable, and the leading mobile-fixed network provides clearer dividend payout prospects. Under the uncertain macroeconomic environment, 5.2% dividends are still attractive; Hong Kong broadband has the opportunity to make full use of OTT. Despite short-term ARPU and profit pressure, the company still has strong room for dividend growth; as for Digitcom and Hutchison Telecom Hong Kong, it is likely that profit pressure is being pressured by intense mobile business competition and mobile phone profits.