PCCW Aims for Deleveraging with Dividend Policy Shift, S&P Says

MT Newswires Live08-01

PCCW (HKG:0008) could be aiming to deleverage given changes in its payout policy, although its immediate impact is seen as modest, S&P Global Ratings said in a note published on Tuesday.

The telco did not raise its final 2023 and interim 2024 dividends to shareholders despite an increase in subsidiary Hong Kong Telecommunications' payout for the periods, saying that it "will adopt a prudent dividend policy" as it looks to boost its financial base.

S&P said a greater shift in the telco's dividend policy, a more robust media segment, and increased divestments could further support its leverage.

The company saw slightly higher cash outflows in the interim period due to working capital constraints and a weak media business, although S&P said it sees some recovery in H2 due to payouts from the project-based solutions unit.

Price (HKD): $4.12, Change: $+0.07, Percent Change: +1.73%

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