StarHub - Phillip Securities 2024-11-15: Spike In Mobile Subscribers

StarHub - Spike In Mobile Subscribers

Published:
StarHub (SGX:CC3) | SGinvestors.io
  • StarHub's mobile postpaid subscribers spiked by 66k in 3Q24 to 1.66mil. This is more than a decade high in quarterly subscriptions and taking market share from peers (vs Singtel’s -16k, M1 -23k).
  • - Read this at SGinvestors.io -
  • The 700MHz spectrum payment of S$282mil is payable in FY25. We find minimal value creation opportunities from this additional bandwidth to justify the price tag. It is a S$19mil p.a. amortisation or 10% drag on earnings, wiping most DARE+ benefits.
  • - Read this at SGinvestors.io -

The Positives

Jump in mobile subscribers.

  • StarHub's 3Q24 postpaid mobile subscribers jumped by 66k (2Q24: +34k). We believe StarHub MVNO drove the growth with aggressive price plans. ARPU and revenue declined by around 6% y-o-y.
  • Mobile revenue should creep up in 4Q24 at the expense of margins.

The Negative

Spectrum payment of S$282mil.

  • Read more at SGinvestors.io.




Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.




Paul Chew Phillip Securities Research | http://www.poems.com.sg/ 2024-11-15



Previous report by Phillip:
2024-08-19 StarHub - Service Revenue Stalling.

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





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