- StarHub (SGX:CC3)'s 9MFY23 EBITDA at S$343.7m (+1.3% y-o-y) exceeded/in-line with MIBG/consensus expectations at 78%/75% of FY23E forecasts. Improvement in PATMI to S$113.9m (+29% y-o-y) was mainly lifted by higher profit from operations, offset by higher taxation.
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Broad-based growth in 3Q23
- Service revenue lifted to S$526m (+8.9% y-o-y) in 3Q23 as all segments contributed as did consolidation of MyRepublic Broadband from 2Q22.
- Notably, mobile revenue grew 7.2% y-o-y on higher postpaid and prepaid revenue. Postpaid ARPU rose 10% y-o-y on higher roaming and VAS revenue due to travel recovery.
- Enterprise segment’s 3Q23 revenue was S$253.6m (+14.8% y-o-y) led by Cybersecurity services (+45.1%) due to higher project recognition.
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- We foresee further earnings and cost synergies as StarHub continues to improve cost efficiencies through infrastructure and capacity optimisation.
Harvesting benefits from 2024
- Read more at SGinvestors.io.
