- StarHub (SGX:CC3)'s 2Q24 NPAT (ex DÇrypt) increased 9% y-o-y/8% q-o-q. Reported NPAT is tracking at 50%/49% of MBIG/Street full-year forecasts.
Decent delivery, led by enterprise services
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- EBITDA (ex DÇrypt) grew by a healthy 2% y-o-y/9% q-o-q.
- StarHub declared S$0.03 in interim dividends but we see potential for a bigger final dividend, translating to a 6% annualized dividend yield. See StarHub's dividend dates.
Firm enterprise; signs of consumer-side stability
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- StarHub's mobile revenue declined 4% y-o-y/flat q-o-q owing to post-paid ARPU declining, while churn levels as well inched up to 1.1% in 2Q from less than 1% in previous quarters. Higher churn was attributed to a bigger shift in SIM-only plans, which management sees as not concerning.
- StarHub's broadband revenue declined 2% y-o-y/flat q-o-q. The company said this space is hyper-competitive. Costs were well-managed allowing for 2% y-o-y/9% q-o-q EBITDA growth and margins uptick.
Key take-away from the post results analyst call
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