- StarHub (SGX:CC3)'s 1Q26 results missed estimates with the downdraft in the consumer business extending the double-digit y-o-y EBITDA and PATAMI declines. We expect the earnings malaise to continue with price competition having intensified in recent weeks, while strategic cost management initiatives will take time to yield results.
A weak start.
- - Read this at SGinvestors.io -
- Higher staff and marketing cost compounded the EBITDA drag while higher depreciation expense (spectrum amortisation) crimped EBIT.
- All revenue segments contracted sequentially, partly seasonal in nature with some timing issues. Cybersecurity revenue grew 22% y-o-y with lumpy project recognition while lower managed service revenue dragged the overall regional enterprise business.
Value segment shifts squeezing ARPU; prices spiralled further.
- - Read this at SGinvestors.io -
Cost efforts will take time.
- 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/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2026-05-08
Previous report by RHB:
2026-02-13 StarHub - Downgrade To SELL As Earnings Compression Set To Continue.
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
