Published:
StarHub's cable TV revenue disappointingly dropped 8%
Subscriber base just keeps shrinking.
According to Barclays, EBITDA of S$181mn was modestly higher than our estimate of S$175mn, primarily as lower handset sales meant handset subsidies were lower as well.
Barclays said that EBITDA for 1H13 was 49% of full-year estimate. Higher other income arising from adoption grants for the national broadband initiative drove net income (S$100.6mn, +16% y/y) higher than our estimate of S$92mn.
"Top line trends were largely as we expected, but weak broadband revenue reflected competitive pressures with cable TV revenue down 8% y/y on more modest shrinkages in the subscriber base (-2.5% y/y)," Barclays said.
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