Pay-TV Bundling Unraveling, Weak Earnings guidance Sees StarHub FVE Reduced to SGD 2.10
StarHub’s fourth-quarter 2017 was broadly in line with our expectations but profitability guidance was below expectations. We retain our thesis that the company’s profits will remain under pressure for at least the next two years due to increased mobile competition and secular decline of pay TV negatively impacting on StarHub’s traditional bundling strategy. 2018 financials will be complicated by the move to IFRS 15, but on an underlying (pre-IFRS basis) the company is guiding to 1%-3% declines ...
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