StarHub - RHB Research 2026-02-13: Downgrade To SELL As Earnings Compression Set To Continue

• Downgrade to SELL from Neutral as StarHub (SGX:CC3)'s FY25 results disappointed and marked a low point with double-digit contraction in headline EBITDA and core PATAMI.
• Our FY26F-27F earnings are slashed by 58-63%. An earnings recovery looks to be pushed back given the competitive intensity and decision to retain commercial flexibility.

Another earnings downdraft.

• - Read this at SGinvestors.io -
• A full-year StarHub's dividends of 6 cents tracks the minimum payout guidance of the higher of 6 cents dividend or 80% of core PATAMI.

Regional enterprise and cyber-security the only bright spots.

• - Read this at SGinvestors.io -
• We see the tight mobile competition continuing ahead of the M1-Simba merger, with market discipline possibly emerging in late 2026 or 2027.

Earnings recovery pushed back.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-11-17 StarHub - In A State Of Flux; New Cost Downs.

Price targets by 2 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