Glonghui, January 9 | UBS released a report saying that in an environment where interest rates are peaking, each HKT stock has the potential to rise in dividends and valuations, so it should be re-rated this year. The bank continues to prefer HKT over Hong Kong broadband because HKT's business prospects are more resilient. The bank said it reaffirmed HKT's “buy” rating. In the last round of interest rate reduction cycle in 2019, HKT's performance outperformed the MSCI Hong Kong Index by about 10 percentage points. However, HKT's dividend rate in 2024 is 8.5%, and the yield difference with US 10-year treasury bonds is more than 4%, which is in line with its historical average. Therefore, there is room for re-rating in the event of interest rate cuts. The target price is HK$11.8.