StarHub - Maybank Research 2025-02-24: In-line Finish, But A Slightly Cautious Outlook

• Following FY24 results, we trim our forecasts by 4-6% and cut our StarHub's target price to S$1.25.
• StarHub’s FY24 NPAT increased 8% y-o-y, but was 4% below MIBG and Street estimates. Mobile competition remains intense, partially offsetting gains in enterprise/cyber security services.
• - Read this at SGinvestors.io -

4Q24 review: Weak consumer, firm enterprise

• 4Q24 service revenue increased 11% y-o-y/19% q-o-q, driven by enterprise services.
  • Mobile revenue fell 6% y-o-y/flat q-o-q (slightly better than its competitors of -1% to -3%) owing to hyper competition, which we believe will remain intense in FY25.
  • - Read this at SGinvestors.io -
  • Pay-TV revenue declined 11% y-o-y, mainly owing to structural cord-cutting.
• Enterprise growth was strong, led by cyber and regional ICT services. Costs remained relatively sticky and as the growth was led by relatively low-margin enterprise services, EBITDA growth was softer at 6% y-o-y/5% q-o-q.

FY25 guidance: Market share push, but stable EBITDA

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2024-08-15 StarHub - A Decent Pickup In 2Q24.

Price targets by 4 other brokers at StarHub Target Prices.

Listing of research reports at StarHub Analyst Reports.

Relevant links:
StarHub Share Price History,
StarHub Announcements,
StarHub Dividend Payout Dates & Corporate Actions,
StarHub News