StarHub - DBS Research 2025-05-13: Over 5% Yield With Earnings Growth From FY26 Onwards

• For 1Q25, StarHub reported normalised earnings (excluding D’Crypt) of S$32mil, (-21% y-o-y, - 16% q-o-q), below the consensus of S$38.3mil, on lower-than-expected revenue.
• StarHub’s 1Q25 total revenue of S$541mil (-1% y-o-y, -21% q-o-q) missed expectations of S$593mil, led by the decline in Mobile and Cybersecurity segments.

1Q25 results below.

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• Cybersecurity segment revenue of S$63.5mil (-13% y-o-y, -62% q-o-q) was affected by timing of project recognition.
• StarHub’s service revenue of S$464mil (+1.1 y-o-y, -21% q-o-q) was 10% below expectations of S$516mil, led by the decline in Mobile and
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Maintained FY25F guidance.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-02-24 StarHub - Earnings Growth Postponed To 2026.

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 Dividend Payout Dates & Corporate Actions,
StarHub News