StarHub

StarHub: CS highlights a mixed outlook for StarHub. On a positive side, StarHub has the highest room to improve data monetisation, e.g. charging for 4G (starting Jun 14-e, @ 2.14/ month) and other value added services. Corporate fixed-line should also grow steadily, driven by effort to penetrate into SME/ gov’t segment. These should buoy growth. That said, declining prepaid revenues (tighter foreign worker control, OTT impact and competition) and home broadband revenues (continued impact from earlier price adjustments, competition) would mitigate the above growth, as these still account ~20% of core service revenues. CS maintains Neutral with TP $4.40