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.

Equity Bottom-Up

<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

NetLink NBN Trust designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.

Digilife Technologies Limited Limited offers mobile telecommunication solutions. The Company provides a portfolio of voice, data and computing services along with VoIP technology. S 121 Ltd supports access from mobile devices through either mobile broadband (3G/4G) or WiFi.

Polaris Limited provides a wide range of telecommunications services. The Company's services services range from prepaid communication services to wholesale voice traffic.

Edition Ltd offers software and content for cellular telephones.  The Company offers software that allows for customized ring tones, personal voice mailbox, mobile karaoke, and other services.

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

OKINAWA CELLULAR TELEPHONE COMPANY provides cellular and car phone services in Okinawa Prefecture.  The Company also sells cellular phones and accessories.

Orange Belgium offers mobile telephone services in Belgium through a GSM network, as well as fixed-line services for international calls. The Company offers services such as pre-paid calling cards, text messaging, mobile office access for business customers, and games.

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

PT Sarana Menara Nusantara Tbk, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel.  The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

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)

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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