StarHub Moat Trend Moved to Negative on TPG Entry Into Mobile Market
We have moved our moat trend for StarHub from stable to negative on the likely entry of a fourth operator, TPG, into the Singapore mobile market in 2018. We make no changes to our fair value estimate of SGD 2.50 per share, which we already downgraded for this issue; nor do we change our narrow moat rating on StarHub, which is based on cost advantage and efficient scale, with the company continuing to earn returns above its cost of capital despite expectations for returns on invested capital to f...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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