Equity Research, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Equity Research

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

SPDR Straits Times Index ETF / Equity Bottom-Up

<ul>
<li>The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.</li>
<li>As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. </li>
<li>We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.</li>
</ul>


The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.
As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. 
We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.


Unveiling Potential Gems Within the Catalist

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>StarHub (SGX:CC3) exceeded its 2023 guidance checklist in 1Q23.</li><li>1Q23 headline revenue and service revenue grew 8.7% y-o-y and 11.0% y-o-y respectively, driven by higher ARPU uplift across all segments and the consolidation of MyRepublic Broadband.</li><li>StarHub reported 1Q23 headline revenue and PATMI of S$577.4m (+8.7% y-o-y) and S$37.5m (+26.3% y-o-y) respectively, above our expectations and forming 26.5% and 30.7% of our full-year forecasts respectively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

StarHub (SGX:CC3) exceeded its 2023 guidance checklist in 1Q23.1Q23 headline revenue and service revenue grew 8.7% y-o-y and 11.0% y-o-y respectively, driven by higher ARPU uplift across all segments and the consolidation of MyRepublic Broadband.StarHub reported 1Q23 headline revenue and PATMI of S$577.4m (+8.7% y-o-y) and S$37.5m (+26.3% y-o-y) respectively, above our expectations and forming 26.5% and 30.7% of our full-year forecasts respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

StarHub - 1Q23 Exceeds Expectations; Strong Start To 2023

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>StarHub’s 1Q23 results were broadly in line.</li><li>We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong 26% y-o-y pick-up in 1Q23 earnings, which were bolstered in part by seasonally stronger EBITDA margins.</li><li>StarHub (SGX:CC3)'s 1Q23 core earnings (adjusted for one-off opex in the preceding quarter) jumped 26% y-o-y (+45.3% q-o-q) on seasonally stronger EBITDA margin and a 11% y-o-y lift in service revenue – slightly ahead of the full-year guidance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

StarHub’s 1Q23 results were broadly in line.We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong 26% y-o-y pick-up in 1Q23 earnings, which were bolstered in part by seasonally stronger EBITDA margins.StarHub (SGX:CC3)'s 1Q23 core earnings (adjusted for one-off opex in the preceding quarter) jumped 26% y-o-y (+45.3% q-o-q) on seasonally stronger EBITDA margin and a 11% y-o-y lift in service revenue – slightly ahead of the full-year guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

StarHub - Harvesting Early DARE+ Outcomes

Singapore

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

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StarHub Ltd (STH SP)

Unveiling Potential Gems Within the Catalist

The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our...

Evolve Capital Advisory Pte Ltd

StarHub - 1Q23 Exceeds Expectations; Strong Start To 2023

StarHub (SGX:CC3) exceeded its 2023 guidance checklist in 1Q23. 1Q23 headline revenue and service revenue grew 8.7% y-o-y and 11.0% y-o-y respectively

UOB Kay Hian

StarHub - Harvesting Early DARE+ Outcomes

We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong...

RHB Invest

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