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.
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