Friday, 6 May 2016

Starhub - RHB Invest 2016-05-06: 1QFY16 Results Flash Note

Starhub - RHB Invest 2016-05-06: 1QFY16 Results Flash NoteSTARHUB LTD CC3.SI 

StarHub - 1QFY16 Results Flash Note


Highlights

  • Despite the 4% qoq slippage in 1Q16 service revenue (seasonality- induced), core earnings surged 23% qoq (+21% yoy) on stronger EBITDA (+17% qoq/+13% yoy) from good cost controls and steady depreciation.
  • 1Q16 core earnings formed 27% of RHB/consensus estimates- we deem this to be in line due to diminishing NGN adoption grant and the subsequent normalisation of EBITDA margin from the high of 34% in 1Q16.
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