However, Maybank’s analyst Kelvin Tan anticipates that FY2023 will be another year of slower earnings growth for StarHub given their operating expense in funding their DARE+ transformation.
Analysts from RHB Bank Singapore, CGS-CIMB Research and Maybank Securities have kept their “hold” and “neutral” calls on StarHub (SGX:CC3
) as the telco’s 1QFY2023 results ended March 31, are broadly in line with expectations. While RHB and CGS-CIMB have kept their target prices unchanged at $1.11 and $1.15 respectively, Maybank has lowered its target price to $1.10 from $1.15 previously.
StarHub’s 1QFY2023 ebitda of $113 million and profit after taxation and minority interests (patmi) at $38 million exceeded Maybank’s expectations at 28% of its FY2023 forecasts. StarHub’s 1QFY2023 ebitda and patmi surpassed the market’s expectations at 31% of its FY2023 forecasts.
