- StarHub (SGX:CC3)’s 4Q24 total revenue of S$688mil (+9% y-o-y, +20% q-o-q) was in line with the consensus of S$696mil, led by the enterprises segment (+37% y-o-y, +40% q-o-q) due to the completion of projects in managed services, and higher revenues from data and internet.
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- StarHub’s service revenue of S$588mil (+15% y-o-y, +19% q-o-q) was 7% above expectations of S$551mil, driven by the broadband segment (+4% y-o-y, flat q-o-q) due to higher subscription revenue from higher bandwidth plans and bundles, and the enterprises segment, partially offsetting the lower revenues from mobile and entertainment.
4Q24 normalised earnings of S$38mil (+2.4% y-o-y, -5.9% q-o-q) was in line with consensus
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- Service EBITDA was flat y-o-y (up 5% q-o-q) at S$114mil, achieving a margin of 19.4% (vs. 22.1% in 4Q23), compared to the consensus of S$107mil with a 19.4% margin.
FY25F guidance: To grow consumer business revenue market share, maintain stable EBITDA, and commit capex of 9%-11% of total revenue.
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