7 February 2014

StarHub Ltd Steady earnings growth with 4.7% dividend yield SINGAPORE | COMMUNICATIONS | COMPANY RESULTS    

Revenue declined 3% y-y from lower equipment sales; service revenue remains stable however Net profits increased 3% y-y due to higher NGNBN grants Final dividend of 5c per share declared; bringing total FY13 DPS to 20c Maintain "Accumulate”, with unchanged TP of S$4.52

Accumulate

Rating:

Maintained at Accumulate Target Price (SGD) 4.52 Forecast Dividend (SGD) 0.20 Closing Price (SGD) 4.23 Potential Upside 11.6%

StarHub announced its FY13 results on 6 Feb 2014. Net profits increased 3.2% y-y mainly from higher adoption grants for NGNBN take-up. EBITDA on service revenue increased to 32.9%, up from 32.3% in FY12. This was attributed to lower traffic expenses and equipment costs. Growth in mobile and fixed network services segments was offset by decline in Pay TV and Broadband revenue. Pay TV revenue was lower due to one-off gain from UEFA EURO event in 2012. Broadband price competition remains intense as discounts were offered on competitors' fibre broadband plans. 46% of postpaid subscribers on tiered data plans, up from 38% in 3Q13. Management guided growth to continue in mobile and fixed network services. It intends to maintain annual dividend payout of 20c per share in FY2014.

Company Description Sta rHub is the 2nd l a rges t Tel ecommuni ca ti ons compa ny i n Si nga pore. The compa ny provi des a broa d ra nge of mobi l e, pa y TV, broa dba nd a nd fi xed network s ervi ces . It opera tes a n extens i ve fi xed bus i nes s network a nd offers a hos t of medi a ri ch va l ue-a dded s ervi ces , s uch a s IPTV for commerci a l enti ti es a s wel l .

How we view this StarHub's results were inline with expectations. We continue to like StarHub due to its attractive dividend yield of 4.7% at current price. We remain positive on further growth in mobile from data monetising in Singapore.

Company Data Raw Beta (Past 2yrs weekly data)

0.47

Market Cap. (USD mn / SGD mn)

5739 / 7278

Ent. Value (USD mn / SGD mn)

6072 / 7699

3M Average Daily T/O (mn)

Investment Action We revised our estimates for FY14F earnings. We updated our DCF model with 0% terminal growth rate to reflect the growth nature of the industry over the long term. We maintain "Accumulate" rating with TP of S$4.52, with implied FY14F P/E multiple of 20.3x.

3.50

5

3.00

0

Volume, mn

STH SP Equit y

Major Shareholders 1. As i a Mobi l e Hol di ngs Pte Ltd 2. Ni ppon Tel egra ph & Tel ephone Co. 3. Bl a ckrock

Feb-14

*Forward multiples and yields aer based on current price and historical multiples and yields are based on historical prices

10

Dec-13

FY15F 2,590 401 0.23 18.2 0.10 n.m. 0.20 4.7%

4.00

Oct-13

FY14F 2,492 384 0.22 19.0 0.07 n.m. 0.20 4.7%

15

Aug-13

FY13 2,359 371 0.22 19.6 0.05 n.m. 0.20 4.7%

4.50

Jun-13

FY12 2,422 359 0.21 19.6 0.03 n.m. 0.20 4.9%

20

Apr-13

FY11 315 315 0.18 15.7 0.01 n.m. 0.20 6.9%

4.76

5.00

Feb-13

Key Financial Summary FYE Dec Revenue (SGD mn) NPAT, a dj. (SGD mn) EPS, a dj. (SGD) P/E (X),a dj. BVPS (SGD) P/B (X) DPS (SGD) Di v. Yi el d (%) Source: Bl oomberg, PSR es t.

1.6

Closing Px in 52 week range 3.86

STI rebased

(%) 56.4 10.0 1.4

Valuation Method DCF (WACC: 5.8%; termi na l g: 0.0%) Analyst Colin Tan col i nta nwh@phi l l i p.com.s g +65 6531 1221

Page | 1 MCI (P) 046/11/2013 Ref. No.: SG2014_0013

StarHub Ltd 7 February 2014 Results at a glance (SGD mn) FY13 Revenue 2,359 Servi ce revenue 2,229 EBITDA 733 EBIT 463 Net Income 371 Source: Compa ny, PSR

FY12 y-y (%) Comments 2,422 -3% Lower equipment sales 2,227 0% 720 2% 447 4% 359 3% In line with expectations

Primary growth driver - Mobile Mobile services remain the primary growth driver on StarHub’s earnings, contributing 52% of total revenue (Postpaid: 42%; Prepaid: 10%). FY13 mobile revenue increased 0.9% y-y at S$1,235 million due to higher customer base. Postpaid ARPU was lower q-q at S$69/mth due to higher subscriber base diluting the higher subscription revenue. Both postpaid and prepaid mobile data traffic continue to rise, leading to higher non-voice service contribution to ARPU at 47.9% (postpaid) and 20.8% (prepaid). With about half (46%) of its postpaid customers on the new tiered data plans, we are positive on better traction from data monetising in 2014. Fig 1. Est. Mobile Non-voice Revenue Vs Voice Revenue (S$mn) postpaid non-voice rev prepaid non-voice rev

180 160 140 120 100 80 60 40 20 -

postpaid voice rev prepaid voice rev

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Source: Company, PSR est.

Increasing Pay TV subscriber base for the 2nd straight quarter StarHub added 2.1K to its subscriber base for 4Q13, reporting positive net add for the 2nd straight quarter since the availability of BPL contents cross-carried on StarHub cable TV platform. FY13 Pay TV revenue was lower 2.7% y-y due to lower ARPU (at S$52/mth) and advertising revenue. UEFA EURO event in 2012 also contributed to the lower Pay TV revenue. We expect higher Pay TV revenue in FY2014 from increasing subscriber base and possibly, from FIFA World Cup 2014 event should StarHub secure the broadcast rights. Fig 2. Pay TV Subscriber Base ('000) with average monthly Churn Rate (%) payTV subs

550

payTV churn (%)

1.4% 1.2%

545

1.0%

540

0.8%

535

0.6%

530

0.4%

525

0.2%

520

0.0%

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Source: Company, Phillip Securities Research

Page | 2

StarHub Ltd 7 February 2014 Broadband ARPU declining Broadband price competition continues due to price discounts offered by competitors on their fibre broadband plans. Competitors also include new entrants such as MyRepublic and ViewQwest. This leads to decline in Broadband ARPU for 4Q13. Despite the intensive price competition, StarHub continues to increase its broadband customer base by 3K in the last quarter, likely due to its competitive advantage of bundling offers with Mobile and Pay TV plans. We believe broadband revenue to remain stable in FY14. Fig 3. Broadband ARPU (S$/mth) with Y-Y growth (%) broadband ARPU

47

broadband ARPU %y-y

4%

46

2%

45

0%

44

-2%

43

-4%

42

-6%

41

-8%

40

-10%

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Source: Company, Phillip Securities Research

Fixed Network Services continues to grow FY13 Fixed network services revenue gain 3% y-y, from higher Data & Internet services as well as Voice services. Management would continue its focus to grow this revenue in the Enterprise space via enhanced service offerings and solutions to corporates. Fig 4. Fixed Network Services (S$mn) with Y-Y growth (%) Data & Internet Data & Internet %y-y

90 80 70 60 50 40 30 20 10

Voice services Voice services %y-y

25% 20% 15% 10% 5% 0% -5% -10% -15%

-

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Source: Company, Phillip Securities Research

Guidance for FY2014 Management guided for capex to be at about 13% of revenue for FY14. Capex would include S$40 million payment for the 2500 Mhz spectrum lots won from 4G spectrum auction in mid 2013. EBITDA margin on services revenue was guided to be at 32%.

Page | 3

StarHub Ltd 7 February 2014 Fig: FY13 Revenue Contribution (%) Equi pment Sa l es 6% Fi xed Network 16%

Fig: Operating Revenue (S$mn) with Y-Y growth (%)

Pos tpa i d 42% Mobi l e 52%

Broa dba nd 10%

4Q13

3Q13

2Q13

29%

-

28%

Net profit

160 140 120 100 80 60 40 20 -

FCF

Net profit %y-y

FCF %y-y100%

80% 60% 40% 20% 0% -20% -40% -60% -80% 4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Fig: Mobile Subs ('000) with average postpaid monthly churn rate (%)

Fig: Mobile ARPU (S$/mth) *postpaid ARPU restated (ex. inbound roam) since 1Q12

postpaid churn (%) 1.4%

-

4Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q13 Fig: Pay TV Subs ('000) with average Pay TV monthly churn rate (%)

-15% 4Q13

0.0%

3Q13

900

-10%

2Q13

0.2%

1Q13

0.4%

950

4Q12

1,000

-5%

3Q12

0.6%

2Q12

1,050

10%

0%

1Q12

0.8%

4Q11

1,100

prepaid ARPU prepaid ARPU %y-y

5%

3Q11

1.0%

2Q11

1,150

1Q11

1.2%

postpaid ARPU postpaid ARPU %y-y

90 80 70 60 50 40 30 20 10 4Q10

1,200

Fig: Broadband Subs ('000) with average Broadband monthly churn rate (%)

payTV churn (%)

1.4% 1.2%

545

1.0%

540

0.8%

535

0.6%

530

0.4%

525

0.2%

520

0.0%

broadband subs

450 445 440 435 430 425 420 415 410 405

broadband churn (%)

1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0%

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Fig: Fixed Network Services (S$mn) with Y-Y growth (%) 90 80 70 60 50 40 30 20 10

1Q13

30%

100

Data & Internet Data & Internet %y-y

10% 8% 6% 4% 2% 0% -2% -4% -6% -8%

4Q12

31%

200

550

3Q12

32%

300

payTV subs

2Q12

33%

400

1,250

1Q12

34%

prepaid subs

Broadband 12% Revenue %y-y

Fig: Net profit (S$mn), Free Cash Flow (S$mn) with Y-Y growth (%)

EBITDA service margin 35%

500

postpaid subs

Pay TV Equipment Sales

4Q11

600

EBITDA

3Q11

Service Revenue

2Q11

Fig: EBITDA (S$mn) with Service Revenue (ex. Equipment sales) (S$mn)

1Q11

4Q10

Prepa i d 10%

Pa y TV 16%

Mobile Fixed Network

800 700 600 500 400 300 200 100 -

Fig: Equipment Sales (S$mn) vs Costs (S$mn)

Voice services Voice services %y-y

25% 20% 15% 10% 5% 0% -5% -10% -15%

-

Equipment Sales

180 160 140 120 100 80 60 40 20 -

Equipment Costs

sales/cost (%)60%

50% 40% 30% 20% 10% 0% 4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

Source: Compa ny, PSR

Page | 4

StarHub Ltd 7 February 2014 FYE Dec Income Statement (SGD mn) Revenue EBITDA Depreci a ti on & Amorti s a ti on EBIT Net Fi na nce (Expens e)/Inc Other i tems As s oci a tes & JVs Excepti ona l i tems Profit Before Tax Ta xa ti on Profit After Tax Non-control l i ng Interes t Net Income, reported Net Income, adj.

FYE Dec Per share data (SGD) EPS, reported EPS, a dj. DPS BVPS

FY11

FY12

FY13 FY14F FY15F

2,312 2,422 2,359 2,492 2,590 676 720 733 785 824 278 273 270 307 326 398 447 463 478 499 (19) (16) (16) (16) (16) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 380 431 447 462 483 (64) (72) (77) (79) (82) 315 359 371 384 401 0 0 0 0 0 315 359 371 384 401 315 359 371 384 401

FY11 0.18 0.18 0.20 0.01

FY12 0.21 0.21 0.20 0.03

FY13 0.22 0.22 0.20 0.05

FY14F FY15F 0.22 0.22 0.20 0.07

0.23 0.23 0.20 0.10

FYE Dec FY11 FY12 FY13 FY14F FY15F Cashflow Statements (SGD mn) CFO PBT 380 431 447 462 483 Adjus tments 279 215 154 201 218 WC cha nges 39 42 (7) (9) 80 Ca s h genera ted from ops 697 688 594 654 781 Others (1) 1 1 1 1 Cashflow from ops 696 689 595 655 782 CFI CAPEX, net (247) (273) (303) (312) (280) Others 2 5 3 3 3 Cashflow from investments (244) (268) (300) (310) (277) CFF Sha re i s s ua nce 2 1 1 1 1 Loa ns , net of repa yments (143) 25 0 0 0 Di vi dends (343) (344) (344) (344) (344) Others (26) 28 3 1 (19) Cashflow from financing (511) (289) (341) (342) (362) Net change in cash (58) 133 (46) 3 142 Effects of excha nge ra tes 0 (0) 1 0 0 CCE, end 179 312 267 270 412 Source: Compa ny Da ta , PSR es t

FYE Dec Balance Sheet (SGD mn) PPE Inta ngi bl es As s oci a tes & JVs Inves tments Others Total non-current assets Inventori es Accounts Recei va bl es Inves tments Ca s h Others Total current assets Total Assets Short term l oa ns Accounts Pa ya bl es Others Total current liabilities Long term l oa ns Others Total non-current liabilities Non-control l i ng i nteres t Shareholder Equity

FY11

FYE Dec Valuation Ratios P/E (X), a dj. P/B (X), a dj. EV/EBITDA (X), a dj. Di vi dend Yi el d (%) Growth & Margins (%) Growth Revenue EBITDA EBIT Net Income, a dj. Margins EBITDA ma rgi n EBIT ma rgi n Net Profi t Ma rgi n Key Ratios ROE (%) ROA (%)

FY11

Net Debt/(Ca s h) Net Gea ri ng (X)

762 424 0 0 3 1,188 37 301 0 179 17 535 1,723 75 703 125 903 588 210 797 0 23

15.7 n.m. 8.0 6.9%

FY12 791 397 0 0 3 1,191 28 266 0 312 12 618 1,809 0 728 151 879 688 198 886 0 44

FY12

FY13 857 381 0 0 0 1,238 43 278 0 267 24 612 1,850 0 754 148 902 688 178 866 0 83

FY13

FY14F FY15F 863 374 0 0 0 1,237 35 319 0 270 15 639 1,875 0 739 148 888 688 178 866 0 122

817 339 0 0 0 1,156 36 332 0 412 15 795 1,951 0 759 148 907 688 178 866 0 178

FY14F FY15F

19.6 n.m. 10.3 4.9%

19.6 n.m. 10.5 4.7%

19.0 n.m. 9.8 4.7%

18.2 n.m. 9.3 4.7%

3.3% 4.7% 12.3% 6.5% 16.3% 12.3% 19.8% 13.9%

-2.6% 1.8% 3.6% 3.2%

5.6% 7.2% 3.3% 3.5%

3.9% 5.0% 4.2% 4.4%

29.2% 29.7% 31.1% 31.5% 31.8% 17.2% 18.5% 19.6% 19.2% 19.3% 13.6% 14.8% 15.7% 15.4% 15.5% n.m. n.m. n.m. n.m. n.m. 17.9% 20.3% 20.3% 20.6% 20.9% 483 n.m.

376 n.m.

421 n.m.

418 n.m.

275 n.m.

*Forward multiples and yields aer based on current price and historical yields are based on historical prices

Page | 5

StarHub Ltd 7 February 2014 Ratings History Market Price Target Price

5.00 4.80 4.60 4.40 4.20 4.00 3.80 3.60 3.40 3.20 3.00 2.80

Source: Bl oomberg, PSR

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

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 | 6

StarHub Ltd 7 February 2014 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. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this publication. Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication.

Page | 7

StarHub Ltd 7 February 2014 This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore. Contact Information (Singapore Research Team) Management Chan Wai Chee (CEO, Research - Special Opportunities) Joshua Tan (Head, Research - Equities & Asset Allocation)

Research Operations Officer Jermaine Tock +65 6531 1240

+65 6531 1231 +65 6531 1249

Macro | Asset Allocation | Equities Joshua Tan +65 6531 1249

Commodities | Offshore & Marine Nicholas Ong +65 6531 5440

US Equities Wong Yong Kai

+65 6531 1685

Telecoms Colin Tan

+65 6531 1221

Real Estate Caroline Tay

Real Estate Lucas Tan

+65 6531 1229

Market Analyst | Equities Kenneth Koh

+65 6531 1791

+65 6531 1792

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

AUSTRALIA PhillipCapital 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 3, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Website: www.ashaphillip.net/home.htm

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

INDIA PhillipCapital (India) Private Limited No. 1, C‐Block, 2nd Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 Website: www.phillipcapital.in

Page | 8

StarHub Ltd

Feb 7, 2014 - Target Price (SGD). 4.52. Forecast Dividend (SGD) 0.20. Closing Price (SGD). 4.23. Potential Upside. Company Description. Company Data. Raw Beta (Past 2yrs weekly data) ..... If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities ...

540KB Sizes 7 Downloads 335 Views

Recommend Documents

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

starhub ltd - PhillipCapital
Feb 26, 2015 - surrounding the stock, before making our final recommendation .... Website: www.phillipcapital.com.au ... as authoritative, without further being subject to the recipient's own independent verification and exercise of judgment.

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

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.

StarHub (STH SP)
investment and use of data analytics technologies to deliver personalised bundled service propositions in the ... theme has played out fully. 9 November 2015.

StarHub (STH SP)
What's new: StarHub's 3Q15 results confirm that the company has managed ... While some of the past issues surrounding its broadband and ..... servants and employees except where the publication states otherwise. .... (list as of 1 November.

HOLD (Maintained) StarHub (STH SP)
Aug 21, 2014 - Asia Mobile Hldgs. 56.4. NTT Communications. 10.0. FY14 NAV/Share (S$). 0.11. FY14 Net Debt/Share (S$). 0.17. PRICE CHART. 90. 100. 110. 3.60. 3.80. 4.00 .... This report is prepared and/or distributed by UOB Kay Hian Pte Ltd (“UOBKH

Singapore Exchange Ltd - PhillipCapital
Jul 7, 2014 - securities business succeed in lifting volumes. Key re-rating catalyst ... Analyst. Benjamin Ong [email protected]. +65 65311535.

Vinati Organics Ltd - BSE
May 19, 2010 - Board or National Company Law Tribunal or. Reserve Bank of India or any Court or any other Tribunal. (vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) We have b

Japfa Ltd
Mar 1, 2015 - DOC ASP and one additional Dairy farm in China to drive 40% FY15F core earnings growth. Highlights. 4Q14 earnings slightly below ...

UOB Ltd - InvestingNote
Oct 31, 2014 - 30. 18.00. 19.00. 20.00. 21.00. 22.00. 23.00. 24.00. 25.00. O ct-1. 3. Ja n-1. 4. A p r-14. Ju l-14. Volume, mn. UOB SP EQUITY. STI rebased. 0% 50% 100% .... Table 5. Loans by currencies. $m. 3Q14. 3Q13. %y-y ch. 2Q14 %q-q ch. Singapor

Nintendo Co., Ltd.
Jul 13, 2017 - million dollars/euros. FY3/2017. FY3/2018. 3/31/2017. 6/30/2017. Cash and deposits (USD). 2,181. 2,227. Accounts receivable-trade (USD).

Q“? - Earth Infrastructures Ltd
... quL IN: In W lmnnllutu Inf-Inn: “immunity. in turn! Id. uni-“mud in- II. ... Plug—in and Command your business. I (-0 Minqu Dmr rlliim Inlnmrnml Aim-1n I l'hqvvml ...

Frasers Centrepoint Ltd
Feb 24, 2014 - Frasers Centrepoint Ltd (FCL) is the property spin-off of the ... He holds a. Master of Science (Project Management) and Bachelor of.

Nintendo Co., Ltd.
Apr 27, 2016 - (Software) Xenoblade Chronicles 3D *. 4/2/2015. Xenoblade Chronicles X. 4/29/2015. Nintendo presents: New Style Boutique 2 - Fashion ...

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

Appendix 5B - Neometals Ltd.
Dec 31, 2015 - Mining exploration entity and oil and gas exploration entity quarterly report. + See chapter 19 for defined terms. 01/05/2010 Appendix 5B Page ...

Frasers Centrepoint Ltd
Feb 24, 2014 - Principal Business: FCL is a real estate company with core businesses .... Frasers Centrepoint Asset Management (manager of FCT) from.

4DS Memory Ltd.
Sep 1, 2016 - valuation of other ASX-listed memory companies as well as the value of ... data center capacity is projected to be in excess of 10% CAGR in the ..... by Silicon Motion, the US$ 645M acquisition of storage software player Dot ...

4DS Memory Ltd.
Sep 1, 2016 - such as Apple that consume large amounts of non-volatile memory. ... by Silicon Motion, the US$ 645M acquisition of storage software player ...