StarHub - RHB Invest 2023-02-08: Work In Progress

• StarHub’s 4Q22 and FY22 results were broadly in line with provisions related to its transformation program booked in earnest, contributing to headline losses for the quarter. Overall recovery in revenue momentum is to be expected (off a pandemic low base in FY21), with the benefit of inorganic acquisitions.
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StarHub's 4Q22 Within expectations; DARE+ kitchen sinking.

• StarHub (SGX:CC3)'s 4QFY22 core earnings (adjusted for S$52m in transformation provisions, related impairments) of S$25.8m (-6% q-o-q) brought FY22 full-year numbers to S$114.2m, at 98% of our forecast (consensus: 106%).
• Specifically, 4Q22 service EBITDA fell 34.1% q-o-q on lumpy one-off provisions (S$30.8m) booked for the first anniversary of its extended transformation programme (DARE+). FY22 service EBITDA margin of 20.1% (21.7% excluding provisions) were in line.
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Positive momentum across the board.

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-02-08 SGinvestors.io

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