Singapore’s No. 2 telecom player with a regional presence in ICT services – StarHub (SGX:CC3) is building a multi-cloud capable digital platform through its DARE+ transformation programme, with meaningful realisation anticipated from late FY26F.
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We project ~20% EBITDA decline in FY26F.
We project ~20% EBITDA decline in FY26F (vs StarHub’s guidance of 20-25% decline) due to 2.5% decline in consumer revenue and higher enterprise related opex.
Mobile service revenue is expected to drop ~2% as premium customers continue to migrate to value offerings (SIM-only plans), exerting pressure on overall ARPU. StarHub is aggressively migrating its value customers to higher ARPU 5G plans. However, in the absence of big upward revision in the pricing of SIM only plans, we expect StarHub’s blended ARPU to remain stable in FY26F.
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On a positive note, we expect the effect of sector consolidation to be visible in FY27F with a ~5% rise in mobile ARPU.
We expect enterprise order book growth in FY26F to translate into higher revenue in FY27–28F.
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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/.
