Singapore Stock Market News
Starhub - Revenue headwinds
StockFanatic
Publish date: Fri, 08 Nov 2013, 12:28 PM
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The annualised 9M13 core net profit met our expectation at 99% of the
forecast, but beat consensus by 3%. Mobile roaming, broadband and
pay TV revenues continue to come under downward pressure, while
the fixed network service remains Starhub's only bright spot.
StarHub raised its EBITDA guidance
marginally on better efficiencies. Net
debt/EBITDA remains at a multiyear
low of 0.5x and we hold our
view that DPS will be raised to 24
Scts in FY14 from 20 Scts currently.
We maintain our Neutral call and
our DCF-based target price, but
tweak our EPS estimates after
factoring in S$40m in spectrum
payments in FY14. We prefer M1,
which offers higher growth and a
likely special dividend.
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