- Results were below expectations. StarHub (SGX:CC3) 9M25 revenue and EBITDA were 72% and 71%, respectively, of our FY25e forecast. Earnings were propped up by S$6mil other income grant. 3Q25 PATMI was down 30% y-o-y to S$26.2mil following the 9% fall in EBITDA and higher depreciation.
- - Read this at SGinvestors.io -
The Positive
Healthy cash-flows.
- YTD25 free cash-flows remain healthy at S$139mil (excluding the S$188mil spectrum fee). It is enough to cover the expected S$107mil in annual dividends. But cash flows turn negative, including the annual S$70mil in lease payments and S$40mil in interest expense.
The Negative
Pace of mobile revenue decline is increasing.
- - Read this at SGinvestors.io -
Outlook
- Read more at SGinvestors.io.
