StarHub Ltd

CC3: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 9.76	Mwpsm	Bvymmlnrm

StarHub’s DARE+ Program and Rising Utility Prices To Hit Near-Term Earnings; Lift FVE to SGD 1.37

Dan Baker

Feb 14, 2022

StarHub’s decent second-half 2021 result was overshadowed by more details provided on spending for the DARE+ transformation program and on the surprising near-term impact of rising utility prices. Second-half services revenue increased 3% year on year, with operating profit declining by 7% year on year. Reducing the mobile revenue decline to only 0.7% year-on-year in the second half was arguably the main highlight, given the high margin nature of that business.

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