UOBKyahian on 6 Aug 2015
FY15F PE (x): 20.3
FY16F PE (x): 18.7
StarHub reported net profit of S$99.1m for 2Q15, above our forecast of
S$93.1m. Slowdown in mobile revenue. Mobile revenue grew by only a marginal 0.2%
yoy. Revenue from post-paid mobile grew 3.6% yoy but revenue from pre-paid mobile
contracted 16.4% yoy. Growth in net addition of post-paid subscribers has slowed to
12,000.
The pre-paid subscriber base has stabilised after suffering five consecutive quarters of
contraction due to the limit of three SIM card registrations for each individual. We have
lowered our target price for StarHub to S$3.57 based on DCF (required rate of return:
7.2%, terminal growth: 1%).
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