STARHUB LTD Expect earnings growth to resume 26 February 2015

SINGAPORE | TELECOM | RESULTS  FY14 net profits declined 2% y-y to S$371 million, but above consensus by 2.1%.  Expect growth to be driven by mobile data monetisation and enterprise services.  Maintain Accumulate with TP of S$4.50 on positive outlook.

What is the news?

ACCUMULATE (MAINTAIN) SGD 4.41 SGD 0.20 SGD 4.50 6.6%

CLOSING PRICE FORECAST DIV TARGET PRICE TOTAL RETURN

 4Q14 earnings up 10.2% y-y on higher EBITDA margin, due to lower traffic expenses.  Management guided for low single-digit growth in FY15F service revenue.  Cash capex guided for 13% of revenue in FY15F, excluding MediaHub project payments.  20cts DPS to be maintained for FY15F as intended by management.

COMPANY DATA

Results at a glance SGD mn 4Q14 4Q13 y-y(%) 3Q14 q-q(%) FY14 FY13 y-y(%) Comments Mobi l e 321 312 2.7 311 3.1 1,248 1,243 0.3 growth i n pos tpa i d s ubs Pa y TV 100 100 0.2 97 2.8 390 386 1.0 revers ed decl i ne i n Pa y TV s ubs Broa dba nd 48 57 (15.9) 49 (3.0) 202 242 (16.5) pri ce eros i on on competi ti on Fi xed network 101 97 3.7 95 6.0 378 368 2.7 hi gher Da ta & Internet s vcs Service revenue 569 566 0.6 553 3.0 2,218 2,240 (1.0) gains in mobile & fixed network Op revenue 647 616 5.1 592 9.4 2,387 2,370 0.7 dri ven by s trong i Phone s a l es EBITDA 192 175 10.1 191 0.8 748 743 0.7 hi gher EBITDA ma rgi ns PBT 117 104 12.6 119 (2.1) 456 458 (0.3) Net income, adj. 94 86 10.2 98 (3.5) 371 380 (2.2) higher effective tax rate Source: Company, Phillip Securities Research (Singapore) *4Q13/FY13 numbers restated to include early termination charges

MAJOR SHAREHOLDERS (%)

O/S SHA RES (M N) :

1,726

M A RKET CA P (USD mn / SGD mn) :

5616.3 / 7610.1

52 - WK HI/LO (SGD) :

4.42 / 4.00

3M A verage Daily T/O (mn) :

1.70

ASIA MOBILE HOLDINGS NIPPON T&T CO BLACKROCK FUND ADVISORS

56.26% 9.94% 1.75%

PRICE PERFORMANCE (%) 1M T H

3 M TH

1Y R

COM P A NY

4.1

5.6

10.0

STI RETURN

0.9

3.3

14.1

PRICE VS. STI

How do we view this?

4.70

While broadband revenue declined despite the increase in customer base, we think average revenue per user (ARPU) may bottom out soon as broadband price competition stabilizes. Management shared that 61% of its postpaid customers is on the 4G tiered data plans and we expect mobile data monetisation will drive growth this year. Chart: Broadband ARPU (%)

4.50 4.30 4.10 3.90

3.70 Feb-14

Broadband ARPU (S$/mth)

QoQ growth (%)

0

May-14 Aug-14 STH SP Equity

Nov-14 FSSTI Index

Feb-15

So urce: B lo o mberg, P SR

45

45

44

42

KEY FINANCIALS

39

37

35

-5

34

-10 1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

Source: Company

SGD M N

F Y 13

F Y 14

F Y 15e

F Y 16 e

Revenue

2,370

2,387

2,434

2,532

EB ITDA

743

748

745

767

NP A T (adj.)

380

371

375

391

EP S (adj.)

0.22

0.22

0.22

0.23

P ER, x (adj.)

19.5

19.3

20.3

19.6

P /B V, x

89.3

48.0

42.7

34.3

20.00

20.00

20.00

20.00

DP S (S cts) Div Yield, %

Investment Actions Maintain Accumulate with revised TP of S$4.50, implying 20.8x FY15e P/E. Total potential upside include 4.5% expected dividend yield.

ROE, %

4.7%

4.8%

4.5%

4.5%

601.4%

320.2%

228.7%

194.2%

So urce: Co mpany Data, P SR est.

VALUATION METHOD DCF (WACC: 6.2%; terminal g: 1.0%) Colin Tan

(+65 6531 1221)

[email protected]

Page | 1 | PHILLIP SECURITIES RESEARCH (SINGAPORE) MCI (P) 019/11/2014 Ref. No.: SG2015_0070

STARHUB LTD RESULTS StarHub Ltd: Mobile postpaid net adds

StarHub Ltd: Mobile prepaid net adds

('000)

('000)

Postpaid net adds

100

Prepaid net adds

50 0

50

-50

-100 0

-150

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Source: Company, Phillip Securities Research (Singapore)

Source: Company, Phillip Securities Research (Singapore)

StarHub Ltd: Pay TV net adds

StarHub Ltd: Broadband net adds

('000)

('000)

Pay TV net adds

5

3Q14

4Q14

Broadband net adds

10

5 0

0

-5

-5 1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Source: Company, Phillip Securities Research (Singapore)

Source: Company, Phillip Securities Research (Singapore)

StarHub Ltd: Postpaid ARPU

StarHub Ltd: Prepaid ARPU

($/mth)

Postpaid ARPU

($/mth) 75

3Q14

4Q14

3Q14

4Q14

3Q14

4Q14

Prepaid ARPU

20

70 15 65

60

10

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Source: Company, Phillip Securities Research (Singapore)

Source: Company, Phillip Securities Research (Singapore)

StarHub Ltd: Pay TV ARPU

StarHub Ltd: Broadband ARPU

Pay TV ARPU

($/mth) 54

($/mth) 50

52

40

50

Broadband ARPU

30 1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Source: Company, Phillip Securities Research (Singapore)

Page | 2 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

4Q14

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Source: Company, Phillip Securities Research (Singapore)

STARHUB LTD RESULTS

StarHub Ltd: Service revenue grow th

(%)

StarHub Ltd: Mobile revenue grow th

Service revenue (mn)

(%)

YoY growth (%)

5

Mobile (mn)

YoY Growth (%)

10 2,378

1,374

2,288 0

2,228

2,240

1,301

5

2,218

2,172

2,144

1,218

1,224

FY11

FY12

1,243

1,248

FY13

FY14

1,181

-5

0 FY10

FY11

FY12

FY13

FY14

FY15e

FY16e

FY10

FY15e

Source: Company, Phillip Securities Research (Singapore) estimates

Source: Company, Phillip Securities Research (Singapore) estimates

StarHub Ltd: Pay TV, Broadband & Fixed netw ork grow th

StarHub Ltd: FY14 Service revenue breakdow n

(%)

PayTV YoY growth (%)

Mobile

Broadband YoY growth (%)

Pay TV

Fixed network YoY growth (%)

Broadband

Fixed network

17%

10 0

9%

-10

56% 18%

-20

FY10

FY11

FY12

FY13

FY14

FY15e

FY16e

Source: Company, Phillip Securities Research (Singapore) estimates

Source: Company, Phillip Securities Research (Singapore)

StarHub Ltd: Profit m argins

StarHub Ltd: Earnings grow th

(%)

EBITDA margin (%)

(%)

Net margin (%)

40

PATMI

YoY growth (%)

20

30

0 20

10

316

359

380

371

376

392

FY12

FY13

FY14

FY15e

FY16e

263

-20 FY10

FY11

FY12

FY13

FY14

FY15e

FY16e

FY10

FY11

Source: Company, Phillip Securities Research (Singapore) estimates

Source: Company, Phillip Securities Research (Singapore) estimates

StarHub Ltd: Earnings per share grow th

StarHub Ltd: Dividend payout

(%)

EPS (S cts)

(%)

YoY growth (%)

20

EPS (S cts)

DPS (S cts)

Div payout (%)

140 20.0 20.9

22.1

21.5

21.8

20.0

20.0

20.0

20.0

20.0

20.0

FY15e

FY16e

22.6 120

18.4 0

FY16e

15.3 100

-20

80

FY10

FY11

FY12

FY13

FY14

FY15e

Source: Company, Phillip Securities Research (Singapore) estimates

Page | 3 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

FY16e

FY10

FY11

FY12

FY13

FY14

Source: Company, Phillip Securities Research (Singapore) estimates

STARHUB LTD RESULTS

Financials Income Statement

Y/E Dec, SGD mn

Balance Sheet

FY12

FY13

FY14

FY15e

FY16e

Y/E Dec, SGD mn

FY12

FY13

FY14

FY15e

FY16e

2,422 (1,702) 720 (273) 447 0 (16) 0 431 (72) 359 0 359 359

2,370 (1,627) 743 (270) 474 0 (16) 0 458 (78) 380 0 380 380

2,387 (1,639) 748 (271) 477 0 (21) 0 456 (86) 371 0 371 371

2,434 (1,688) 745 (273) 472 0 (21) 0 452 (77) 375 0 375 375

2,532 (1,765) 767 (275) 491 0 (21) 0 471 (80) 391 0 391 391

ASSETS PPE Inta ngi bl es Others Total non-current assets Tra de & other recei va bl es Ca s h ba l a nce Others Total current assets Total Assets

791 397 3 1,191 266 312 40 618 1,809

857 381 0 1,238 278 267 67 612 1,850

911 405 0 1,316 348 264 60 672 1,987

940 419 0 1,359 354 262 59 676 2,034

943 511 0 1,455 369 234 61 663 2,118

LIABILITIES Short-term debt Tra de a nd other pa ya bl es Deferred ta x l i a bi l i ty Others Total current liabilities Long-term debt Others

0 728 119 32 879 688 198

0 754 128 20 902 688 178

200 796 127 70 1,193 488 158

0 817 127 70 1,014 688 154

0 850 127 70 1,047 688 160

Y/E Dec, SG cents

FY12

FY13

FY14

FY15e

FY16e

Total non-current liabilities

886

866

645

841

847

EPS, reported EPS, a dj. DPS BVPS

20.9 20.9 20.0 2.5

22.1 22.1 20.0 4.8

21.5 21.5 20.0 8.6

21.7 21.7 20.0 10.3

22.5 22.5 20.0 12.9

0 44

0 83

0 149

0 179

0 223

FY12

FY13

FY14

FY15e

FY16e

FY12

FY13

FY14

FY15e

FY16e

Revenue Opera ti ng expens es EBITDA Depreci a ti on & Amorti s a ti on EBIT As s oci a tes & JVs Net Fi na nce (Expens e)/Inc Other i tems PBT Ta x PAT Mi nori ty i nteres t Net Income, reported Net Income, adj.

Per share data

Cash Flows

Y/E Dec, SGD mn

EQUITY Mi nori ty i nteres t Shareholder Equity

Valuation Ratios

Y/E Dec, SGD mn

CFO P/E (X), a dj. 18.0 19.5 19.3 20.3 19.6 PBT 431 458 456 452 471 P/B (X) 148.8 89.3 48.0 42.7 34.3 Adjus tments 270 244 256 264 276 EV/EBITDA (X) 9.5 10.5 10.1 10.8 10.5 WC cha nges 42 (18) 8 16 16 Di vi dend Yi el d (%) 5.3% 4.7% 4.8% 4.5% 4.5% Ca s h genera ted from ops 744 684 720 731 763 Growth & Margins (%) Ta xes pa i d, others (54) (89) (65) (77) (80) Growth Cashflow from ops 690 595 655 654 683 Revenue 4.7% -2.1% 0.7% 2.0% 4.0% CFI EBITDA 6.5% 3.2% 0.7% -0.3% 2.8% CAPEX, net (272) (302) (321) (316) (291) EBIT 12.3% 5.9% 0.7% -0.9% 4.0% Others 4 3 2 2 (78) Net Income, a dj. 13.9% 5.6% -2.2% 1.0% 4.2% Cashflow from investing (268) (299) (319) (314) (369) Margins CFF EBITDA ma rgi n 29.7% 31.4% 31.3% 30.6% 30.3% Sha re i s s ua nce 1 1 1 1 1 EBIT ma rgi n 18.5% 20.0% 20.0% 19.4% 19.4% Loa ns , net of repa yments 25 0 0 0 0 Net Profi t Ma rgi n 14.8% 16.0% 15.5% 15.4% 15.4% Di vi dends (343) (344) (345) (346) (347) Key Ratios Others 28 3 6 3 3 ROE (%) 1087.1% 601.4% 320.2% 228.7% 194.2% Cashflow from financing (289) (341) (339) (342) (343) ROA (%) 20.3% 20.7% 19.3% 18.6% 18.8% Effects of excha nge ra tes 0 1 0 0 0 Net change in cash 133 (45) (3) (2) (29) Interes t covera ge (X) 28.1 29.6 23.1 22.9 23.9 CCE, end 312 267 264 262 234 Net Debt/EBITDA (X) 0.5 0.6 0.6 0.6 0.6 Source: Compa ny, Phi l l i p Securi ti es Res ea rch (Si nga pore) Es ti ma tes *Forward multiples and yields are based on current market price; historical multiples and yields are based on historical market price.

Page | 4 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

STARHUB LTD RESULTS Ratings History Market Price Target Price

4.90

Source: Bl oomberg, PSR

4.40

3.90 3.40

2.90

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Apr-13

Jan-13

1 2 3 4 5 PSR Rating System Total Returns Recommendation Rating > +20% Buy 1 +5% to +20% Accumul a te 2 -5% to +5% Neutra l 3 -5% to -20% Reduce 4 <-20% Sel l 5 Remarks We do not ba s e our recommenda tions entirel y on the a bove qua ntitative return ba nds . We cons i der qua l i tative fa ctors l i ke (but not l i mi ted to) a s tock's ri s k rewa rd profi l e, ma rket s entiment, recent ra te of s ha re pri ce a ppreci a tion, pres ence or a bs ence of s tock pri ce ca tal ys ts , a nd s pecul a tive undertones s urroundi ng the s tock, before ma ki ng our fi na l recommenda tion

Page | 5 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

STARHUB LTD RESULTS Contact Information (Singapore Research Team) Management Chan Wai Chee (CEO, Research - Special Opportunities)

Macro | Equities Soh Lin Sin Bakhteyar Osama

[email protected]

Research Operations Officer Jaelyn Chin [email protected]

Market Analyst | Equities Kenneth Koh [email protected]

US Equities Wong Yong Kai

[email protected]

Real Estate Caroline Tay

REITs Dehong Tan

[email protected]

[email protected]

Finance | Offshore Marine Benjamin Ong [email protected] Telecoms | Technology Colin Tan

[email protected]

[email protected] SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631 Website: www.poems.com.sg

[email protected]

Transport & Logistics Richard Leow, [email protected] CFTe Contact Information (Regional Member Companies) MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099 Website: www.poems.com.my

HONG KONG Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel +852 2277 6600 Fax +852 2868 5307 Websites: www.phillip.com.hk

JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090 Website: www.phillip.co.jp

INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia Tel +62-21 5790 0800 Fax +62-21 5790 0809 Website: www.phillip.co.id

CHINA Phillip Financial Advisory (Shanghai) Co Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940 Website: www.phillip.com.cn

THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999 Fax +66-2 22680921 Website www.phillip.co.th

FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France Tel +33-1 45633100 Fax +33-1 45636017 Website: www.kingandshaxson.com

UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel +44-20 7426 5950 Fax +44-20 7626 1757 Website: www.kingandshaxson.com

UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005 Website: www.phillipusa.com

AUSTRALIA Phillip Capital Limited Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel +61-03 9629 8288 Fax +61-03 9629 8882 Website: www.phillipcapital.com.au

SRI LANKA Asha Phillip Securities Limited No-10 Prince Alfred Tower, Alfred House Gardens, Colombo 03, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Website: www.ashaphillip.net

TURKEY PhillipCapital Menkul Degerler Dr. Cemil Bengü Cad. Hak Is Merkezi No. 2 Kat. 6A Caglayan 34403 Istanbul, Turkey Tel: 0212 296 84 84 Fax: 0212 233 69 29 Website: www.phillipcapital.com.tr

DUBAI Phillip Futures DMCC Member of the Dubai Gold and Commodities Exchange (DGCX) Unit No 601, Plot No 58, White Crown Bldg, Sheikh Zayed Road, P.O.Box 212291 Dubai-UAE Tel: +971-4-3325052 / Fax: + 971-4-3328895 Website: www.phillipcapital.in

INDIA PhillipCapital (India) Private Limited No.1, 18th Floor Urmi Estate 95, Ganpatrao Kadam Marg Lower Parel West, Mumbai 400-013 Maharashtra, India Tel: +91-22-2300 2999 / Fax: +91-22-2300 2969 Website: www.phillipcapital.in

Page | 6 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

STARHUB LTD RESULTS

Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. 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Page | 7 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

STARHUB LTD RESULTS

Page | 8 | PHILLIP SECURITIES RESEARCH (SINGAPORE)

starhub ltd - PhillipCapital

Feb 26, 2015 - Website: www.phillipcapital.com.au ... You must make the final investment decision and accept all ... as authoritative, without further being subject to the recipient's own independent verification ... exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction.

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Feb 4, 2015 - 1,231. 1,279. NP A T, adj (SGD mn). 101. 62. 93. 104. EP S, adj. (Cents). 5.50. 4.07. 6.10. 6.82. P /E, adj. (x). 23.0. 26.4. 29.5. 26.4. B VP S (Cents). 50.54. 52.69. 56.56. 60.04 ..... Past performance of any product referred to in th

SMRT Corp Ltd - PhillipCapital
Feb 4, 2015 - 1,231. 1,279. NP A T, adj (SGD mn). 101. 62. 93. 104. EP S, adj. (Cents). 5.50. 4.07. 6.10. 6.82. P /E, adj. (x). 23.0. 26.4. 29.5. 26.4. B VP S (Cents). 50.54. 52.69. 56.56. 60.04 ..... Past performance of any product referred to in th

Valuetronics Holding Ltd. Buy - PhillipCapital
Jun 20, 2014 - We think their formalization of a dividend policy is a good first sign of ... we are only taking 60% of net cash into our value consideration, and ... through the years to become more than an integrated EMS provider with ... manufactur

Valuetronics - PhillipCapital
Jun 20, 2014 - continue to benefit from the outsourcing trend in manufacturing. ... would grow to EUR 905m by 2016 implying a double digit CAGR. Instead of double digit ..... Cyclical nature of new lighting installation with the business cycle.

Global Logistics Properties - PhillipCapital
Feb 6, 2015 - Website: www.poems.com.sg .... investment decision and accept all responsibility for your investment decision, ... related futures or options, purchase or sell, make a market in, ... fluctuation in exchange rates between US dollars and

Global Logistics Properties - PhillipCapital
Feb 6, 2015 - Strengthen recurring income with augmented fund management platform. Expected US ... Fund management business to gain traction – GLP has identified fund management platform ..... Websites: www.phillip.com.hk. JAPAN.

StarHub
Feb 26, 2015 - internet and managed services by enterprises. Critical Data ... Equipment vendors like Huawei and Ericsson go to the extent of funding 80-. 100% of the network construction by extending credit, easing the capex requirements. In Malaysi

Resumption of the downtrend - PhillipCapital
Nov 3, 2015 - The 3rd attempt was the strongest of all as price managed to close above the 200 MA for roughly 18 days before the Bearish ... London, EC4N 6AS. Tel +44-20 7426 5950. Fax +44-20 7626 1757. Website: www.kingandshaxson.com. UNITED STATES.

LIC Housing Finance - PhillipCapital
Apr 2, 2014 - It will be able to scale up its developer book only by FY16. ..... Ap r-12. Oct-12. Ap r-13. Oct-13. Ap r-14. P/BV Discount (LICHF / HDFCHF).

Soilbuild Business Space REIT - PhillipCapital
Oct 15, 2015 - We tuned in to the Analyst Briefing conference call earlier this morning. SBREIT will trade ex-dividend on 20 October. Results at a glance.

Soilbuild Business Space REIT - PhillipCapital
Oct 15, 2015 - Source: Company, Phillip Securities Research (Singapore) ... Solaris, who are from the IT-sector of software development and games. ..... Investments will be denominated in various currencies including US dollars and Euro ...

Mapletree IndustrialTrust - PhillipCapital
Jul 22, 2015 - Positive catalyst from build-to-suit (BTS) project. ... Building segment. .... Website www.phillip.co.th .... fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction.

Tech Mahindra - PhillipCapital
Dec 27, 2013 - The above developments have forced the TSPs across the globe, to appoint software ..... TechM has increased its S&M spend (as % of sales) significantly .... SEC regulation violation and wrong accounting policy (Class Action).

Mapletree IndustrialTrust - PhillipCapital
Jul 22, 2015 - We tuned in to the Analyst Briefing conference call earlier this morning. Results at a glance. (SGD mn). 1Q16 1Q15 y-y (%) Comments.

Tech Mahindra - PhillipCapital
Dec 27, 2013 - ... social media) and TechM to grab larger part of the same. ... 20. Telecom. Manufacturing. BFSI. Retail & Travel. IT outsourced .... changes and advent of new technology (smartphone, mobility, social media) and TechM.

StarHub
Neutral (Maintained). Communications - Telecommunications. Target Price: ... NTT Communications. 10.0. Citibank Nominees. 7.1 ...... Sangkat Toeuk Thla, Khan Sen Sok. Phnom Penh. Cambodia. Tel: +(855) 23 969 161. Fax: +(855) 23 969 171. Bangkok. RHB

StarHub
Nov 9, 2015 - [email protected]. Tim LEELAHAPHAN. Thailand. (66) 2658 6300 ext 1420 [email protected]. JUNIMAN. Chief Economist, BII ... Mitchell KIM. (852) 2268 0634 [email protected]. • Internet & Telcos. Osbert TANG, CFA

Hold Starhub
Starhub. Date. 6 November 2015. Results. 3Q15 - Steady results; Enterprise gains momentum. Reuters. Bloomberg. Exchange Ticker. STAR.SI. STH SP. SES.

StarHub
ICB Sector: Mobile Telecommunications. Principal Business: StarHub is ... Higher handset subsidies the key reason. Sale of equipment stood at S$35.2m versus S$24.7m in 2Q14, however cost of equipment stood at S$90.7m versus S$70.8m in 2Q15, indicatin

starhub
3Q15 results mostly in line. StarHub Ltd reported its 3Q15 results last Friday, with revenue rising. 1.9% YoY to S$603.1m, or just 0.5% above our forecast, while.