- StarHub (SGX:CC3) reported 1Q26 normalised earnings of S$5.9mil (-81.5% y-o-y, -52.0% q-o-q), significantly below the consensus of S$10.6mil, mainly due to EBITDA decline alongside higher depreciation & amortisation and higher net finance costs.
Service revenue below consensus due to rising competition.
- - Read this at SGinvestors.io -
- Broadband service fell -8.7 y-o-y led by ARPU declining to S$33 from S$34 in 4Q25, and
- Entertainment service revenue also dropped -9.1% y-o-y.
- StarHub highlighted that Singtel (SGX:Z74) is overly aggressive in both mobile and broadband space. Service EBITDA fell to S$73.6mil, (-23% y-o-y) with margin compressing to 16.5% (vs 20.6% in 1Q25), below the consensus estimate of S$79.0mil and 16.9% margin.
FY26F EBITDA guidance at 75–80% of FY25 levels
- - Read this at SGinvestors.io -
- While the transaction is expected to generate a one-off fair value gain of S$244m, boosting reported net profit, Ensign’s earnings will no longer be fully consolidated.
Capex guided at 13–15% of revenue
- Read more at SGinvestors.io.
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/.
Sachin MITTAL DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-07
Previous report by DBS:
2026-02-19 StarHub - Big Earnings Drop In 2026 Before A Gradual Recovery In 2027.
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
