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