Broker Name: CGS International

Date of Report: February 14, 2026

Excerpt from CGS International report.

Report Summary
• CGS International has downgraded Starhub from Hold to Reduce, with a lower target price of S\$0.87, following weak 4Q25 results and management guidance for a significant EBITDA decline in FY26F.
• Starhub’s net profit is projected to fall 57% in FY26F, with recovery to FY25 levels delayed until FY28F, mainly due to aggressive restructuring, competitive pressures, and investments in the enterprise business; annual dividend per share is expected to remain at 6 Scts.

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