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

StarHub - 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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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2023-02-08

Previous report by UOB:
2022-12-09 StarHub - On Firm Footing; Frontloading Capex To Drive Future Earnings.

Price targets by 5 other brokers at StarHub Target Prices.
Listing of research reports at StarHub Analyst Reports.

Relevant links:
StarHub Share Price History,
StarHub Announcements,
StarHub Dividends & Corporate Actions,
StarHub News Articles

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