HKBN (01310) gained nearly 3%, rising 1.84% to HK$7.19 by the time of writing, with a turnover of HK$222.893 million. Recently, a subsidiary of HKBN secured HK$10.75 billion in term loan financing. Morgan Stanley noted that the company has completed a HK$10.7 billion debt refinancing, which will incur a one-time cost of HK$140 million but should reduce interest expenses.

Morgan Stanley added that HKBN's full-year service revenue grew 13% year-on-year, surpassing its forecast of 8.4%, driven by a HK$360 million increase in IDD revenue and a 14% annual rise in SI revenue. Adjusted EBITDA met expectations, while adjusted free cash flow climbed 11% year-on-year to HK$551 million, exceeding Morgan Stanley's estimate by 8%, attributed to lower interest costs.