StarHub - UOB Kay Hian 2016-05-06: 1Q16 Revenue Headwinds Broaden, But Saved By Lower Subsidies
STARHUB LTD CC3.SI StarHub (STH SP) - 1Q16: Revenue Headwinds Broaden, But Saved By Lower Subsidies
- Revenue contraction has broadened from mobile to pay-TV.
- Bottom-line was saved by lower handset subsidies due to the limited range of new smartphones available.
- We expect the last tranche of adoption grant for NGNBN to be processed and paid by iDA in 2Q16. Thus, earnings headwinds could intensify in 2H16.
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