- StarHub (SGX:CC3)’s 1H23 results were broadly in line. Notable highlights include:
- Project delays for the cybersecurity business, and
- streamlining of the regional ICT business (JOS), which has manifested in the lower revenue growth guidance for FY23.
- - Read this at SGinvestors.io -
Operating expenses set to ramp up in 2H23.
- StarHub's 1H23 core earnings were up 26% y-o-y on stronger service revenue and steady EBITDA. While this made up 62% of our forecast (consensus: 69%), we expect a ramp-up in StarHub's capex and opex in 2H23 from its DARE+ transformation programme.
Service revenue up 8% in 1H23 with growth across all segments.
- - Read this at SGinvestors.io -
- As part of the ongoing integration of its regional businesses, StarHub is adjusting the pipeline of projects – it is removing legacy low yielding segments and pushing new service propositions which would take time to convert to sales.
- Entertainment segment growth was flattish q-o-q but rose y-o-y with incremental ARPU uplift (from the Premier League) offset by subs deletions.
Recalibrated spending; guidance fine-tuned.
- Read more at SGinvestors.io.
