TPG Confirmed as Fourth Mobile Entrant; StarHub FVE Down to SGD 2.50
Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018. We therefore downgrade our StarHub forecasts by around 20% from 2018 onward and lower our fair value estimate to SGD 2.50 from SGD 3.10 per share. Our forecasts now assume that StarHub will cut its dividend from SGD 0.20 per year to SGD 0.18 per year in 2018. We retain our narrow moat rating on StarHub, which is based on cost advantage and efficient scale, w...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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