- For 1Q24, StarHub reported higher PATMI (+8.1% y-o-y), driven by the enterprise business segment but offset by the group’s consumer businesses. In view of StarHub’s lush 2024 dividend yield of 6.3%, we maintain BUY with the same StarHub target price of S$1.41.
- - Read this at SGinvestors.io -
Stable 1Q24 results.
- StarHub (SGX:CC3) reported stable 1Q24 revenue (-0.1% y-o-y) and higher PATMI (+8.1% y-o-y), accounting for 23% and 24% of our full-year forecasts respectively. This is in line with expectations.
- - Read this at SGinvestors.io -
- We understand that about S$15m of DARE+ investments were incurred in 1Q24 and that roughly S$85m remains for 2024. Management noted that the group is now frontloading the remaining DARE+ investments to 2024 and this is expected to be completed by end-4Q24 (end-1Q25 previously).
- 1Q24 PATMI margins expanded by 0.6ppt y-o-y, driven by realisation of DARE+ benefits (capex to opex model) and lower net finance costs.
Performance in line.
- 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/ 2024-05-16
Read also UOB's most recent report:
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
