- StarHub’s 1H25 results were a miss on lower-than-expected EBITDA and the renewed pressure on mobile revenue. Management intends to up the ante to defend/grow its market share in 2H25, resulting in EBITDA compression with transformation cost-savings backloaded.
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1H25 below expectations.
- 1H25 core earnings (excluding a one-off penalty for the return of the 10MHz in the 700MHz band) fell 23% y-o-y on lower EBITDA and higher depreciation, at 40% of our/consensus forecasts.
- An interim dividend of 3 cents looks to be on track for minimum full-year StarHub's dividends of 6 cents.
Enterprise and broadband growth; mobile seeing renewed pressure.
- - Read this at SGinvestors.io -
- Broadband revenue gained 4.4% y-o-y with ARPU uplift from the upselling of higher-speed plans offseting lower subs.
FY25 EBITDA guided to contract by low double-digits; DARE+ completed but outcomes likely pushed out with expanded multi-year cost-out programme.
- Read more at SGinvestors.io.
