StubWorld: PCCW's Tenacious NAV Premium

• Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.

• Preceding my comments on PCCW/ HKT Ltd (6823 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.

• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

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PCCW Ltd (8 HK) / HKT Ltd (6823 HK)

• I see PCCW's premium to NAV at ~18%, compared to the 12-month average premium of ~40%.

  • I estimate deconsolidated net debt of HK$13.4bn (HK$1.73/share, excluding leases) as at 30th June 2025, compared to HK$10.2bn as at 31st December 2024, and HK$9.5bn as at 30th June 2024.

  • The 52.5% stake in HKT accounts for 120% of PCCW's market cap.

Source: my estimates, PCCW, CapIQ