Broker Name: Maybank Research Pte Ltd
Date of Report: November 17, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- StarHub’s 3Q25 core earnings declined 29% YoY due to heightened competition and weaker consumer business, leading to a downward revision of earnings forecasts by 4-13% and a lower target price of SGD1.30.
- Mobile and broadband revenues fell due to intense competition, but signs of price rationalization are emerging as the industry shifts to higher-priced plans, and StarHub’s enterprise order intake rose 20% YoY.
- Management is shifting focus in enterprise services towards higher-margin opportunities and expects to realize SGD60m in cost savings over 2026–28 via efficiency initiatives.
- Despite a soft 9M25, Maybank retains a BUY rating on expectations of improved industry competition post-consolidation and potential for margin and dividend yield expansion.
- StarHub remains committed to ESG practices, with progress on reducing emissions, increasing board diversity, and supporting digital inclusion.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
