Narrow Moat-Rated StarHub Third Quarter 2016 Slightly Below Expectations; FVE Down

Starhub Q3 2016: Disappointing but Could Get a Whole Lot Worse

M1 3Q2016 : Depressing ARPU Trend To Spillover Into Comps ?

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Equity Bottom-Up

<ul><li class="p1">Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018.</li><li class="p1">We therefore downgrade our StarHub forecasts by around 20% from 2018 onward and lower our fair value estimate to SGD 2.50 from SGD 3.10 per share.</li><li class="p1">Our forecasts now assume that StarHub will cut its dividend from SGD 0.20 per year to SGD 0.18 per year in 2018.</li></ul><p class="p1"><em>Analyst: Dan Baker</em></p>

Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018.We therefore downgrade our StarHub forecasts by around 20% from 2018 onward and lower our fair value estimate to SGD 2.50 from SGD 3.10 per share.Our forecasts now assume that StarHub will cut its dividend from SGD 0.20 per year to SGD 0.18 per year in 2018.Analyst: Dan Baker

TPG Confirmed as Fourth Mobile Entrant; StarHub FVE Down to S$2.50

StarHub Ltd

TPG Confirmed as Fourth Mobile Entrant; StarHub FVE Down to S$2.50