HK Stock Market Move | HKBN (01310) rises nearly 3%, company's full year service revenue surpasses Morgan Stanley's previous expectations.

HKBN (01310) rose nearly 3%, with a rise of 1.84% as of the time of writing, to 7.19 Hong Kong dollars, with a turnover of 22.2893 million Hong Kong dollars. On the news front, recently, an HKBN subsidiary was granted a total of 10.75 billion Hong Kong dollars in term loan financing. Morgan Stanley stated that the company has just completed a 10.7 billion Hong Kong dollar debt refinancing, which will result in a one-time charge of 140 million Hong Kong dollars, but interest costs should decrease. Morgan Stanley further pointed out that HKBN's full-year service revenue increased by 13% year-on-year, higher than Morgan Stanley's expected 8.4%, mainly due to IDD revenue increasing by 360 million Hong Kong dollars, and SI revenue increasing by 14% annually. Adjusted EBITDA is in line with Morgan Stanley's expectations, while adjusted free cash flow increased by 11% year-on-year to 551 million Hong Kong dollars, higher than Morgan Stanley's expected 8%, due to lower interest costs.