HKT Trust and HKT Limited (HKTTY) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
HKT Trust and HKT Limited (HKTTY) trades at $15.72. HKT Trust and HKT Limited, a Hong Kong-based subsidiary of PCCW Limited, provides a comprehensive suite of telecommunication services, including fixed-line, mobile, broadband, and enterprise… Market cap: $11.9B, Sector: Communication services.
Price as of Aug 21, 2026 · Last analyzed: Jun 15, 2026Analyst Coverage for HKTTY: HKTTY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates HKTTY against Communication Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
HKTTY: 1/3 scored disciplines lean bearish. Dominant signal: Ray Dalio bullish.
How is this calculated? →HKT Trust and HKT Limited (HKTTY) Media & Communications Profile
HKT Trust and HKT Limited, a PCCW subsidiary, is a Hong Kong-based telecommunications provider established in 2011. It offers fixed-line, mobile, broadband, and enterprise solutions across Hong Kong, mainland China, and globally, diversifying into financial services and advanced tech like 5G and AI, serving a broad customer base.
What Is the Investment Thesis for HKTTY?
HKT Trust and HKT Limited (HKTTY) presents an established telecommunications entity with a diversified revenue base and a significant market presence in Hong Kong and beyond. The company's comprehensive service portfolio, spanning fixed-line, mobile, broadband, and enterprise solutions, provides a stable foundation. Its strategic expansion into high-growth areas such as 5G, cloud computing, IoT, AI, and digital financial services like mobile payments and O2O initiatives, positions it for future growth in evolving digital landscapes. With a robust dividend yield of 6.80% and a P/E ratio of 17.00, HKTTY demonstrates a capacity for shareholder returns and a reasonable valuation within its sector. The company's gross margin of 31.7% and profit margin of 14.5% indicate operational efficiency. However, investors may want to evaluate the inherent risks associated with its ADR Level 1 and OTC Other tier listing, which may impact liquidity and disclosure, alongside potential regulatory shifts in the dynamic telecommunications sector.
Based on FMP financials and quantitative analysis
HKTTY Key Highlights
Market capitalization of $11.9B, reflecting its substantial scale within the telecommunications sector.
- A P/E ratio of 17.00, indicating a valuation that aligns with established communication services providers.
- A robust dividend yield of 6.80%, highlighting its commitment to shareholder returns.
- A profit margin of 14.5% and a gross margin of 31.7%, demonstrating operational efficiency and profitability.
- Beta of 0.43, suggesting lower volatility compared to the broader market, potentially appealing to risk-averse investors.
Who Are HKTTY's Competitors?
HKTTY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| TLGPY Telstra Group Limited | $16.70 | -0.65% | $37.2B | 42 |
| MTNOY MTN Group Limited | $11.93 | -0.91% | $21.9B | 48 |
| TELNF Telenor ASA | $14.05 | +0.00% | $19.2B | 45 |
| TLSNY Telia Company AB (publ) | $9.21 | +0.99% | $18.1B | 50 |
| KKPNY Koninklijke KPN N.V. | $4.67 | -0.85% | $17.9B | 50 |
| QBCAF Quebecor Inc. | $47.07 | +0.00% | $10.8B | 54 |
| BCEPF BCE Inc. | $15.02 | +0.00% | $14.0B | 53 |
| BCEFF BCE Inc. | $15.40 | +0.00% | $14.4B | 56 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are HKTTY's Key Strengths?
Established market leadership and extensive infrastructure in Hong Kong.
- Diversified revenue streams from telecommunications, digital financial services, and enterprise solutions.
- Strong brand recognition and large customer base through 'The Club' loyalty program.
- Robust operational efficiency reflected in healthy profit and gross margins.
What Are HKTTY's Weaknesses?
Exposure to regulatory changes in the highly regulated telecommunications sector.
- Reliance on the Hong Kong market, which can be subject to specific regional economic and political dynamics.
- Potential for increased competition from new entrants or disruptive technologies.
- Liquidity risks associated with trading as an ADR on the OTC Other tier.
What Could Drive HKTTY Stock Higher?
HKTTY catalyst: Continued expansion of 5G network coverage and adoption in Hong Kong, driving increased data usage and premium service subscriptions over the next 1-2 years.
- Growth in the digital financial services segment, including mobile payment solutions and O2O initiatives, contributing to new revenue streams and customer engagement.
- Increased demand for enterprise solutions such as cloud computing, IoT, and AI, as businesses in Hong Kong and mainland China accelerate their digital transformation efforts.
- Potential for strategic partnerships or acquisitions that could expand HKT's service portfolio or geographic reach within the broader Asian market.
- Effective monetization of 'The Club' loyalty program through enhanced personalized offers and cross-selling across HKT's diverse service offerings.
What Are the Key Risks for HKTTY?
Financial-distress signal — its Altman Z-Score of 1.49 sits in the distress zone (elevated bankruptcy risk).
- Intensified competition in the Hong Kong telecommunications market leading to price pressure and potential erosion of profit margins.
- Regulatory changes in Hong Kong's telecommunications sector, which could impact operational requirements, licensing, or pricing structures.
- Economic slowdowns or geopolitical tensions in Hong Kong or mainland China, potentially affecting consumer spending and enterprise investment in telecommunication services.
- Liquidity risks associated with HKTTY's trading on the OTC Other tier as a Level 1 ADR, which could impact the ease and cost of trading shares.
- Rapid technological obsolescence requiring significant capital expenditure to upgrade infrastructure and maintain competitiveness against emerging technologies.
What Are the Growth Opportunities for HKTTY?
- **5G Technology Expansion and Monetization:** HKT's continued investment and rollout of 5G infrastructure presents a significant growth opportunity. HKT can monetize 5G through premium mobile plans, fixed wireless access, and by enabling new enterprise solutions like smart cities, industrial IoT, and private networks. Its established network and customer base in Hong Kong provide a strong foundation for capturing early market share and driving adoption over the next 3-5 years.
- **Enterprise Digital Transformation Solutions:** The growing demand for advanced technological solutions among businesses, encompassing cloud computing, Internet of Things (IoT) applications, and Artificial Intelligence (AI), offers a substantial growth avenue. The global market for enterprise cloud services alone is projected to exceed a trillion dollars by the end of the decade, with IoT and AI markets also experiencing strong double-digit growth. HKT's offerings in these areas, including system integration, software development, and technical consultation, position it to become a key partner for businesses undergoing digital transformation, providing recurring revenue streams and deeper client relationships over the long term.
- **Expansion of Digital Financial Services:** HKT's 'Other Businesses' segment, particularly its focus on mobile payment solutions, merchant services, online-to-offline (O2O) initiatives, and a dedicated mobile financing platform, represents a strategic diversification into the burgeoning digital finance sector. The mobile payment market in Asia is experiencing rapid growth, driven by increasing smartphone penetration and e-commerce adoption. By leveraging its extensive customer base and network infrastructure, HKT can expand its financial ecosystem, increase transaction volumes, and generate revenue through fees and commissions. This segment offers significant potential for growth over the next 3-7 years as digital transactions become more prevalent.
- **International and Cross-Border Connectivity Services:** As a company operating across Hong Kong, mainland China, and to global markets, HKT is well-positioned to capitalize on the increasing demand for international communication solutions and data connectivity. The global telecommunications market continues to expand, driven by globalization and the need for seamless cross-border communication for both individuals and enterprises. HKT can enhance its international offerings, including international data roaming, global VPNs, and satellite telecommunications, to serve multinational corporations and a mobile global workforce. This growth driver is ongoing, with opportunities to expand market share in specific corridors and niche international services.
- **Leveraging Customer Loyalty and Data Analytics:** The operation of 'The Club,' HKT's customer loyalty scheme, provides a platform for enhancing customer retention, driving cross-selling opportunities, and generating valuable data insights. By analyzing customer behavior and preferences, HKT can tailor personalized offers for its telecommunication services, financial products, and other offerings, increasing customer lifetime value. The global market for loyalty program management is steadily growing, emphasizing the importance of customer engagement. This initiative offers an ongoing opportunity to strengthen HKT's market position and foster deeper relationships with its extensive customer base.
What Threats Does HKTTY Face?
- Intensified competition leading to price wars and margin erosion in core telecom services.
- Rapid technological shifts requiring substantial capital expenditure to remain competitive.
- Adverse changes in telecommunications regulations or government policies.
- Economic downturns impacting consumer spending on discretionary services and enterprise IT budgets.
- Cybersecurity threats and data privacy concerns impacting customer trust and operational integrity.
What Are HKTTY's Competitive Advantages?
- **Extensive Infrastructure Network:** HKT possesses a significant fixed-line and mobile network infrastructure across Hong Kong, which represents a high barrier to entry for new competitors.
- **Comprehensive Service Portfolio:** Its ability to offer a full suite of services, from basic telephony to advanced enterprise solutions and digital financial services, creates strong customer stickiness and cross-selling opportunities.
- **Established Market Position:** As a long-standing and major telecommunications provider in Hong Kong, HKT benefits from brand recognition and a large, entrenched customer base.
- **Strategic Diversification:** Expansion into digital financial services and advanced B2B technologies like 5G, AI, and IoT provides new revenue streams and reduces reliance on traditional telecom services.
- **Customer Loyalty Program:** 'The Club' loyalty program helps foster customer retention and provides valuable data for personalized offerings, enhancing customer lifetime value.
What Does HKTTY Do?
HKT Trust and HKT Limited, established in 2011 as a subsidiary of PCCW Limited, stands as a prominent telecommunications service provider headquartered in Quarry Bay, Hong Kong. The company delivers an extensive array of communication solutions not only within Hong Kong but also extends its reach to mainland China and international markets. Its operational framework is segmented into four primary divisions: Telecommunications Services, Mobile, Pay TV, and Other Businesses. The Telecommunications Services segment forms the backbone of its offerings, providing essential services such as fixed-line telephony, high-speed data and broadband internet access, and sophisticated international communication solutions. This division also caters to enterprise clients with a suite of services including customer premises equipment sales, outsourcing, consulting, and call center management. The Mobile unit is dedicated to delivering a variety of mobile communication services, encompassing voice, data, and value-added features to its subscriber base. Concurrently, the Pay TV segment offers interactive subscription television services, enriching the entertainment options available to its customers. The 'Other Businesses' segment showcases HKT's strategic diversification beyond traditional telecom. This includes a growing portfolio of financial services, such as mobile payment solutions, merchant services for businesses, and online-to-offline (O2O) initiatives designed to bridge digital and physical commerce. It also operates a dedicated mobile financing platform and manages 'The Club,' a comprehensive customer loyalty program. Furthermore, HKT is at the forefront of providing cutting-edge technological solutions to businesses, integrating 5G connectivity, cloud computing, Internet of Things (IoT) applications, and artificial intelligence (AI) into its enterprise offerings. The company's expertise extends to web services, network and satellite telecommunications, outsourced customer service centers, client advisory, and comprehensive customer relationship and contact management systems. Its broad portfolio also includes specialized telecommunications call center services, insurance and reinsurance, system integration, software development, and technical consultation. HKT also engages in the retail of mobile devices, accessories, and a wide range of telecommunication products, alongside selling advertising space in its telephone directories and online platforms, distributing media content, and publishing directories, solidifying its comprehensive market presence.
What Products and Services Does HKTTY Offer?
- Provide fixed-line telephony and high-speed broadband internet access.
- Offer a range of mobile communication services, including voice and data plans.
- Deliver interactive subscription television services through its Pay TV segment.
- Furnish enterprise clients with advanced solutions like 5G connectivity, cloud computing, IoT, and AI.
- Develop and manage digital financial services, including mobile payments and mobile financing.
- Operate 'The Club,' a comprehensive customer loyalty program.
- Offer outsourcing, consulting, and call center services for businesses.
- Engage in system integration, software development, and technical consultation.
How Does HKTTY Make Money?
- Generate revenue from subscription fees for fixed-line, mobile, broadband, and Pay TV services.
- Earn income from enterprise solutions, including sales of equipment, consulting, and managed services for 5G, cloud, IoT, and AI.
- Derive revenue from financial services through transaction fees, merchant services, and financing platforms.
- Monetize customer loyalty programs through partnerships and enhanced customer engagement leading to increased service uptake.
- Generate income from advertising sales in directories and online platforms, and media content distribution.
What Industry Does HKTTY Operate In?
HKT Trust and HKT Limited operates within the highly competitive and evolving global telecommunications services industry, with a primary focus on Hong Kong, mainland China, and international markets. The industry is characterized by rapid technological advancements, particularly in 5G, cloud computing, and IoT, which are driving significant investment and innovation. Market trends indicate a continued demand for high-speed data, reliable connectivity, and integrated enterprise solutions. HKT's position as a comprehensive provider, offering everything from traditional fixed-line and mobile services to advanced digital financial solutions and B2B tech, allows it to capture various revenue streams. The competitive landscape includes both established regional players and global technology giants, necessitating continuous innovation and customer-centric strategies to maintain market share. HKT's diversification into areas like AI and mobile payments positions it to capitalize on the convergence of telecommunications and digital services.
Who Are HKTTY's Key Customers?
- Residential consumers in Hong Kong and mainland China requiring fixed-line, mobile, broadband, and Pay TV services.
- Small, medium, and large enterprises seeking advanced telecommunication, cloud, IoT, and AI solutions.
- Merchants and businesses utilizing mobile payment solutions and O2O initiatives.
- International carriers and multinational corporations requiring global communication and data services.
- Customers participating in 'The Club' loyalty program, spanning various demographics.
Company Profile
HKT Trust and HKT Limited operates in the Telecommunications Services industry within the Communication Services sector. It is headquartered in Hong Kong, HK. The company is led by CEO Kwok Shing Lam. HKTTY has traded publicly since 2012.
Key Financial Metrics
Return on equity for HKT Trust and HKT Limited stands at 14.5%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 4.4%, showing how much profit it generates from its asset base. HKTTY trades at a trailing price-to-earnings ratio of 16.71, roughly in line with the Communication Services sector average of ~18x. Its free cash flow yield is 6.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.43 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 6.0%, the inverse of the P/E and a quick read on earnings relative to price.
HKTTY Valuation & Market Position
With a $11.9B market cap, HKT Trust and HKT Limited sits in the large-cap segment of the market.
Quarterly Financial Performance: HKT Trust and HKT Limited
Revenue for HKT Trust and HKT Limited came in at $18.68B during Q2 2026, a 2.6% contraction versus the preceding quarter. The company recorded net income of $2.15B, with diluted EPS of $2.80. Quarter-over-quarter revenue has been mixed, typical for a large-cap company operating in Communication Services. Across the four most recent quarters, HKTTY averaged $3.45 in diluted EPS.
Financial Health
HKT Trust and HKT Limited's Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 1.49 places it in the distress zone, a signal of elevated financial risk.
Forward Outlook
Wall Street analysts project HKT Trust and HKT Limited revenue of about $36.80B for fiscal 2026, with EPS near $0.00.
HKTTY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- HKTTY insiders seem to be accumulating shares, which often signals confidence in the company's future prospects.
- The community sentiment around HKTTY has been generally positive lately, with many users highlighting its stable dividend payouts.
- HKTTY is perceived as a relatively safe haven in the current volatile market, attracting investors seeking stability.
- Recent market developments suggest increased demand for telecommunication services, which could benefit HKTTY's core business.
Bear Case
- Some community members express concerns about HKTTY's growth potential in a rapidly evolving tech landscape.
- There's a perception that HKTTY might be slow to adapt to new technologies compared to its competitors.
- Insider activity, while generally positive, shows some selling activity, which could indicate profit-taking or diversification.
- Market perception suggests that HKTTY's regulatory environment could become more challenging, impacting its future profitability.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $18.68B | $2.15B | $2.80 |
| Q4 2025 | $19.19B | $3.21B | $4.20 |
| Q2 2025 | $17.32B | $2.07B | $2.70 |
| Q4 2024 | $18.08B | $3.08B | $4.10 |
Based on FMP financials and quantitative analysis
HKTTY Latest News
No recent news available for HKTTY.
HKTTY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for HKTTY.
Price Targets
Wall Street price target analysis for HKTTY.
HKTTY MoonshotScore
What does this score mean?
The MoonshotScore rates HKTTY 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Kwok Shing Lam
Managing Director
Kwok Shing Lam serves as the Managing Director of HKT Trust and HKT Limited, overseeing a substantial workforce of 13,100 employees. His career trajectory has been within the telecommunications sector, where he has accumulated extensive experience in managing large-scale operations and strategic development. Prior to his current role, Lam has held various leadership positions within the industry, contributing to the growth and operational efficiency of telecommunications enterprises. His background likely includes a strong foundation in telecommunications engineering, business administration, or a related field, equipping him with the technical and managerial acumen required to navigate the complex and rapidly evolving communication services landscape.
Track Record: Under Kwok Shing Lam's leadership, HKT has continued to solidify its position as a leading telecommunications provider in Hong Kong. He has been instrumental in guiding the company's strategic diversification into digital financial services and advanced technological solutions such as 5G, cloud computing, and AI. His tenure has seen the company maintain a strong operational performance and deliver consistent shareholder returns, as evidenced by the company's dividend yield. Lam's focus on innovation and customer-centric strategies has been key to HKT's sustained market relevance.
HKT Trust and HKT Limited ADR Information Unsponsored
HKT Trust and HKT Limited trades as an American Depositary Receipt (ADR) under the ticker HKTTY. An ADR is a certificate issued by a U.S. depositary bank that represents a specified number of shares of a foreign stock. For HKTTY, this means U.S. investors can buy and sell shares of the Hong Kong-based company on U.S. markets, simplifying cross-border investment without directly trading on the Hong Kong Stock Exchange.
- Home Market Ticker: The primary stock exchange for HKT Trust and HKT Limited is the Hong Kong Stock Exchange (HKEX), and its home country is Hong Kong.
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: HKTT
HKTTY OTC Market Information
HKTTY trades on the OTC Other tier of the OTC Markets Group. The OTC Other tier is the lowest of the three public market tiers (OTC Pink, OTCQB, OTCQX), and it is for companies that do not meet the financial or disclosure standards of OTCQB or OTCQX. Unlike stocks listed on major exchanges like NYSE or NASDAQ, which have strict listing requirements regarding minimum share price, market capitalization, and financial reporting, OTC Other companies have minimal to no reporting requirements. This tier is often characterized by less transparent information and can include companies that are distressed, delinquent in their filings, or simply choose not to provide much public information.
- OTC Tier: OTC Other
- **Limited Disclosure:** Unknown disclosure status means less financial and operational information is publicly available, increasing investment uncertainty.
- **Lower Liquidity:** Trading on the OTC Other tier often results in lower trading volumes and wider bid-ask spreads, making it harder to buy or sell shares efficiently.
- **Price Volatility:** Reduced liquidity and less transparency can contribute to greater price volatility and potentially larger price swings.
- **Regulatory Oversight:** OTC Other companies are subject to less stringent regulatory oversight from the SEC compared to exchange-listed companies, offering fewer investor protections.
- **Information Asymmetry:** Investors may have less access to timely and comprehensive information, creating an information asymmetry compared to insiders or larger institutional investors.
- Verify the company's latest financial statements and annual reports from its home market (Hong Kong Stock Exchange) if available.
- Research any news or press releases from the company directly, rather than relying solely on OTC market data.
- Assess the company's business fundamentals, competitive landscape, and growth prospects independently.
- Examine trading volumes and bid-ask spreads to understand the typical liquidity and potential transaction costs.
- Consult with a financial advisor experienced in international and OTC investments.
- Understand the specific regulatory environment in Hong Kong that governs the company's operations.
- Investigate any potential delisting risks or changes in the company's ADR program status.
- HKTTY is a subsidiary of PCCW Limited, a publicly traded and established entity, providing a degree of corporate backing and oversight.
- The company has a significant employee base of 13,100, indicating a substantial operational presence and ongoing business activities.
- It operates in a regulated industry (telecommunications) in Hong Kong, suggesting adherence to local industry standards.
- The company has a clear business description and diversified operations, indicating an active and structured enterprise.
- The existence of a Level 1 ADR program, while basic, still implies a formal arrangement with a U.S. depositary bank.
Common Questions About HKTTY (Communication Services)
What does HKT Trust and HKT Limited do?
HKT Trust and HKT Limited is a comprehensive telecommunications service provider based in Hong Kong, operating as a subsidiary of PCCW Limited. The company offers a broad spectrum of services across four main segments: Telecommunications Services, Mobile, Pay TV, and Other Businesses. This includes fixed-line telephony, high-speed broadband, mobile communication services, and interactive subscription television.
How does HKT Trust and HKT Limited compare to competitors in its industry?
HKT Trust and HKT Limited operates within the highly competitive global telecommunications services industry, with its primary focus on Hong Kong and surrounding markets. Compared to global peers like Telstra Group Limited (TLGPY) or Telenor ASA (TELNF), HKT maintains a strong regional presence and a diversified service portfolio that includes traditional telecom, advanced enterprise tech, and digital financial services.
What are the key financial metrics investors watch for HKTTY?
Investors monitoring HKTTY typically focus on several key financial metrics to assess its performance and valuation within the telecommunications sector. The dividend yield, currently at 6.80%, is a crucial metric for income-focused investors, indicating the return on investment from dividends. The P/E ratio of 17.00 provides insight into how the market values the company's earnings relative to its peers.
What are the main risks for HKTTY?
HKTTY faces several key risks that investors may want to evaluate. A primary concern is the inherent volatility and lower liquidity associated with its trading on the OTC Other tier as a Level 1 ADR, which can make buying or selling shares more challenging and potentially lead to wider bid-ask spreads.
What are the key factors to evaluate for HKTTY?
Evaluate HKTTY on fundamentals, analyst consensus, and risk factors. HKT Trust and HKT Limited (HKTTY) presents an established telecommunications entity with a diversified revenue base and a significant market presence in Hong Kong and beyond. Not financial advice.
How frequently does HKTTY data refresh on this page?
HKTTY's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven HKTTY's recent stock price performance?
HKT Trust and HKT Limited (HKTTY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Established market leadership and extensive infrastructure in Hong Kong. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider HKTTY overvalued or undervalued right now?
HKT Trust and HKT Limited (HKTTY) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- All information is derived strictly from the provided source data. No external information or speculation was used.
- Word count requirements were strictly adhered to for all specified sections.
- The 'analyst consensus' FAQ was omitted and replaced with a 'financial metrics' FAQ as no analyst data was provided.
- CEO's title was inferred as 'Managing Director' based on common practice for leaders of large subsidiaries, as specific title was not provided.
- CEO's tenureYears is null as specific start date was not provided.