- StarHub (SGX:CC3)'s revenue was within expectations at 102% of our FY24 forecast. But EBITDA was below at 96%. Mobile continues to face intense competition, with 4Q24 ARPU declining 12.1% y-o-y. The final dividends per share was down 24% y-o-y to 3.2 cents.
- - Read this at SGinvestors.io -
- We lower our FY25e EBITDA by 13% to S$461mil due to the intense competition in mobile. Our StarHub's target price of S$1.29 (6.5x FY25e EV/EBITDA) and ACCUMULATE recommendation are unchanged.
The Positive
Turnaround in cyber security.
- - Read this at SGinvestors.io -
- Cybersecurity broke even with a small S$0.6mil profit in FY24 (FY23: S$16.1mil normalised loss). Net margins in cyber security are paltry despite a revenue base of S$392mil.
The Negative
Winning or buying market share.
- Read more at SGinvestors.io.
