- For 2023, StarHub reported higher revenue (+2% y-o-y) and underlying PATMI (+77% y-o-y), driven by broad-based growth across all service segments.
- Overall margins are expected to improve in 2024 on the back of ongoing cost optimisation efforts as well as an expected tapering off in DARE+ investments in 2H24.
- - Read this at SGinvestors.io -
Strong 4Q23 results.
- StarHub (SGX:CC3) exceeded our expectations slightly, reporting higher 2023 overall revenue (+2.0% y-o-y) and PATMI (+140.4% y-o-y), accounting for 99% and 106% of our full-year forecasts respectively. Excluding one-offs in 2022, 2023 underlying PATMI would still have surged 76.5% y-o-y.
- - Read this at SGinvestors.io -
- In our view, the slight beat on our PATMI forecasts was likely due to better margins from ongoing DARE+ cost optimisation efforts. Note that about S$160m of DARE+ investments were incurred in 2023 with an expected S$80m expected to be incurred in 2024; this is then expected to taper off in 2H24.
- For 4Q23, service revenue fell slightly (-1.5% y-o-y, +0.2% q-o-q), largely dragged by lower sales of equipment and entertainment revenue.
Higher dividend.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | https://research.uobkayhian.com/ 2024-02-09
Read also UOB's most recent report:
2024-11-14 StarHub - 3Q24 Results In Line, DARE+ Nearing Its End.
Previous report by UOB:
2024-08-15 StarHub - Stable 2Q24 Results In Line, Consumer Segments Facing Headwinds.
Price targets by 3 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
