StarHub - RHB Invest 2024-02-09: Pulling Ahead

• StarHub (SGX:CC3)’s results trumped estimates on lower-than-expected depreciation. While the bulk of its transformation investments will be booked by end-2024, uncertainties remain as to the realisation of benefits and cost savings.

FY23 ahead of expectations.

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• A 6.7 cent full-year dividend is at the higher end of the official dividend payout ratio of 5 cents or 80% of PATAMI, whichever is higher. See StarHub's dividend dates.

Review of key segment metrics:

Mobile revenue flattish q-o-q; up 8% y-o-y in FY23.

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Broadband – leading revenue share.

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-02-09 SGinvestors.io

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