Stock Name: StarHub
Company Name: STARHUB LTD
Kim Eng Research in a Jan 16 research report says: "StarHub is slated to release its full-year FY2011 results on Feb 2. We would not be surprised to see a lower-than-forecast net profit, given the stronger-than-expected demand for iPhone 4S.
"Our full-year revenue forecast of $302.7 million suggests a 4Q11 net profit of $79.8 million and EBITDA margin on service revenue of 31%. While this is in line with management's full-year guidance of "about 30%" (9M11 margin was 30.4%), we would not be surprised by a lower-than-forecast EBITDA margin in 4Q11 due to the robust demand for iPhone 4S.
"StarHub will likely keep its dividend per share at 20 cents in 2012. Net debt/EBITDA hit 0.69x in 3Q11, giving it ample headroom to its target of 1.5x. Assuming a range of 1-1.2x, StarHub could pay 6-15 cents more on top of the regular dividend. Target price of $3.27. MAINTAIN BUY."
Company Name: STARHUB LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 3.27 |
Kim Eng Research in a Jan 16 research report says: "StarHub is slated to release its full-year FY2011 results on Feb 2. We would not be surprised to see a lower-than-forecast net profit, given the stronger-than-expected demand for iPhone 4S.
"Our full-year revenue forecast of $302.7 million suggests a 4Q11 net profit of $79.8 million and EBITDA margin on service revenue of 31%. While this is in line with management's full-year guidance of "about 30%" (9M11 margin was 30.4%), we would not be surprised by a lower-than-forecast EBITDA margin in 4Q11 due to the robust demand for iPhone 4S.
"StarHub will likely keep its dividend per share at 20 cents in 2012. Net debt/EBITDA hit 0.69x in 3Q11, giving it ample headroom to its target of 1.5x. Assuming a range of 1-1.2x, StarHub could pay 6-15 cents more on top of the regular dividend. Target price of $3.27. MAINTAIN BUY."
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