- 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
