StarHub - UOB Kay Hian 2023-02-08: 2022 Setting The Stage For A Transformation

• StarHub's 2022 revenue and service revenue grew 13.9% y-o-y and 17.2% y-o-y respectively, driven by the consolidation of StarHub’s recent acquisitions and broad-based growth across all segments. However, 2022 PATMI fell 58.3% y-o-y as upfront investments continue to compress margins.
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StarHub reported mixed 2022 results.

• StarHub (SGX:CC3) reported 2022 revenue and PATMI of S$2,327.3m (+13.9% y-o-y) and S$62.2m (-58.3% y-o-y) respectively – see StarHub's announcement dated 07 Feb 2023.
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• Dragged by non-recurring provisions from DARE+ initiatives and one-off impairment losses, StarHub's 2022 PATMI fell 58.3% y-o-y and formed 61.9% of our full-year forecasts, below our expectations. Excluding these one-off costs, 2022 PATMI would have been S$114.2m (- 30.7% y-o-y). Similarly, 2022 service EBITDA dropped 21.1% y-o-y, dragged by higher OPEX from DARE+ initiatives.
• StarHub declared a final dividend of 2.5 cents/share, totaling 5.0 cents/share for 2022 and consistent with the group’s earlier 2022 guidance of 5.0 cents/share, representing an annualised dividend yield of around 4.5%.

Mobile: Recovery on track.

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Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | https://research.uobkayhian.com/ 2023-02-08

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