StarHub - Starhub target raised to $2.97 vs $2.62 by Macquarie

Stock Name: StarHub
Company Name: STARHUB LTD
Research House: MacQuarie

Macquarie lifts Starhub’s (CC3.SG) target price to $2.97 from $2.62 after increasing FY11-FY12 earnings estimates by 5% each; keeps Outperform call, according to Dow Jones.



Macquarie expects investors to be positively surprised over next 24 months with increased contributions from corporate data business on back of Singapore’s new high-speed national broadband network, better dividend outlook due to lower capex; also notes pay-TV business holding up well.



Research house expects new broadband network to boost telco’s market share in corporate data space by 4% in FY11 from 15% now. Says overall profit margins should improve in absence of English Premier League, World Cup content costs.



Shares last +0.8% at $2.50.