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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.64 - 0.93 | 0.79 |
| Cost Equity | 7.8% - 10.5% | 9.1% |
| Tax Rate | 17.0% - 17.0% | 17.0% |
| Cost Debt Aftax | 5.8% - 6.2% | 6.0% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.64 | 0.93 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 3.2% | 4.7% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.63% | 1.25% | Size & Country Default Risk | |||
| Cost of Equity | 7.75% | 10.50% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (HKD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 1,418 | 1,340 | 1,409 | 1,841 | 2,237 |
| Total Debt | total_debt | 50,546 | 43,899 | 48,175 | 59,936 | 77,815 |
| Effective Interest Rate | 2.8% | 3.1% | 3.4% | 3.2% | ||
| Average Effective Interest Rate | 3.2% | |||||