Dividend Slashed 20% to SGD 0.16 for 2017; Fair Value Estimate Falls to SGD 2.40
At its 2016 result, StarHub gave 2017 earnings guidance well below our forecasts and announced that it will cut its dividend from SGD 0.20 to SGD 0.16 in 2017--the first cut to its dividend in seven years. Management is now guiding to an EBITDA decline of around 10%-17% in 2017. We lower our 2017 forecasts by 35% to the midpoint of management guidance, but our outer-year forecasts are less affected. We reduce our fair value estimate to SGD 2.40 per share from SGD 2.50 per share, but we make no ...StarHub is a fully-integrated info-communication company based in Singapore. Co. offers a full range of information, communications and entertainment services for both consumer and corporate markets. Co. operates a two-way 3.5G mobile network that delivers up to 14.4 Mbps for downlink (with HSPA+ coming soon) to complement its nation-wide GSM network, and an island-wide HFC network that delivers multi-channel cable TV services (including High Definition Television and on-demand services) as well as ultra-high speed residential broadband services. Co. also operates an extensive fixed business network that provides a wide range of data, voice and wholesale services.
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