Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Goodwill Entertainment Holding / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. </li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. </li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. 
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. 


Goodwill Entertainment Holding - Hitting the Notes of Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>StarHub's enterprise division generates $600–700 million annually, focusing on a managed digital infrastructure platform and cybersecurity services.</li><li>StarHub maintains a dividend of six cents per share, despite negative free cash flow due to a $190 million spectrum payment.</li><li>The Ensign transaction resulted in $121 million cash proceeds and a fair value gain of over $200 million.</li></ul>

StarHub's enterprise division generates $600–700 million annually, focusing on a managed digital infrastructure platform and cybersecurity services.StarHub maintains a dividend of six cents per share, despite negative free cash flow due to a $190 million spectrum payment.The Ensign transaction resulted in $121 million cash proceeds and a fair value gain of over $200 million.

kopi-C with Starhub CEO: Staying the dividend course through headwinds 

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

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  <li>StarHub is undergoing a significant strategic transformation under its 'DARE+' initiative, pivoting from a traditional telco to a digital services provider with a strong focus on growing its Enterprise business to offset pressures in the hyper-competitive Consumer segment.</li>
  <li>Recent financial performance has been challenged, with a notable 45.6% year-on-year decline in Profit After Tax in 2025, negative free cash flow, and increased leverage, raising concerns about the sustainability of its historically strong dividend.</li>
  <li>The company's outlook is balanced between the growth potential in its enterprise segment (cybersecurity, cloud services) and a multi-year cost optimization program, against the headwinds of intense price competition and execution risks associated with its strategic shift.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  StarHub is undergoing a significant strategic transformation under its 'DARE+' initiative, pivoting from a traditional telco to a digital services provider with a strong focus on growing its Enterprise business to offset pressures in the hyper-competitive Consumer segment.
  Recent financial performance has been challenged, with a notable 45.6% year-on-year decline in Profit After Tax in 2025, negative free cash flow, and increased leverage, raising concerns about the sustainability of its historically strong dividend.
  The company's outlook is balanced between the growth potential in its enterprise segment (cybersecurity, cloud services) and a multi-year cost optimization program, against the headwinds of intense price competition and execution risks associated with its strategic shift.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>StarHub delivered a disappointing result for 2025, without any mitigating good news.</li><li>Corporate Monitor Ltd ("CML") initiated a report on StarHub in July 2025, as we sought to understand the drivers of StarHub's Return on Equity ("ROE"), which, at more than 20% consistently in the past (except in 2022), was a standout among SGX-listed companies. We concluded that there was downside to the ROE as its profit margin continued to decline, due primarily to the relentless competition in the consumer telecom business.</li><li>StarHub's enterprise businesses were growing at double digit rates, but operating margin was stuck at low single digits. </li></ul>

StarHub delivered a disappointing result for 2025, without any mitigating good news.Corporate Monitor Ltd ("CML") initiated a report on StarHub in July 2025, as we sought to understand the drivers of StarHub's Return on Equity ("ROE"), which, at more than 20% consistently in the past (except in 2022), was a standout among SGX-listed companies. We concluded that there was downside to the ROE as its profit margin continued to decline, due primarily to the relentless competition in the consumer telecom business.StarHub's enterprise businesses were growing at double digit rates, but operating margin was stuck at low single digits. 

StarHub Ltd – Borrow to Pay Dividends: A Slippery Road

Singapore

StarHub is a Singaporean multinational telecommunications conglomerate that provides mobile, broadband internet, pay TV, and enterprise solutions including cybersecurity, cloud services, data analytics, IoT, and robotics. Headquartered in Singapore, the company was founded on May 7, 1998.

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StarHub (STH SP)

Goodwill Entertainment Holding - Hitting the Notes of Growth

Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with...

Evolve Capital Advisory Pte Ltd

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

kopi-C with Starhub CEO: Staying the dividend course through headwinds

StarHub's enterprise division generates $600–700 million annually, focusing on a managed digital infrastructure platform and cybersecurity...

Singapore Exchange Ltd (SGX)

Primer: StarHub Ltd (STH SP) - Apr 2026

StarHub is undergoing a significant strategic transformation under its 'DARE+' initiative, pivoting from a traditional telco to a digital...

αSK Primers

StarHub Ltd – Borrow to Pay Dividends: A Slippery Road

StarHub delivered a disappointing result for 2025, without any mitigating good news. Corporate Monitor Ltd ("CML") initiated a report on StarHub...

Corporate Monitor Limited

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