StarHub - DBS Research 2016-05-06: Solid earnings; less exciting operating metrics
STARHUB LTD CC3.SI StarHub - Solid earnings; less exciting operating metrics
- 1Q16 net profit of S$92.8m (+26% y-o-y) was better than our S$88-90m estimate due to the larger cost savings.
- Mobile segment gained subscribers but Broadband & Pay TV segments lost subscribers on a worrying note.
- Management maintains its 20-Sct dividend guidance for 2016. We retain our Fully Valued call with unchanged TP of S$3.30.
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