StarHub – Nomura

Our view

EPL remains an overhang, but StarHub is confident of extending these rights. The likelihood of a joint bid is low and the risk of regulatory intervention to keep prices in check is unlikely to see irrational bids, we believe. Operationally, competition is benign and the macro impact moderating – limited earnings risk this year. Femtocell could become a niche offering, but with limited revenue upside.

Anchor themes

– The operating platform could change leading up to the NBN rollout, pay-TV content ownership should become clearer, and the mobile and enterprise segments could see a lagged impact from a macro slowdown.

– Fibre rollout and its impact remains uncertain in Singapore.

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