StarHub's cable TV revenue disappointingly dropped 8%

Subscriber base just keeps shrinking.

According to Barclays, EBITDA of S$181mn was modestly higher than our estimate of S$175mn, primarily as lower handset sales meant handset subsidies were lower as well.

Barclays said that EBITDA for 1H13 was 49% of full-year estimate. Higher other income arising from adoption grants for the national broadband initiative drove net income (S$100.6mn, +16% y/y) higher than our estimate of S$92mn.

"Top line trends were largely as we expected, but weak broadband revenue reflected competitive pressures with cable TV revenue down 8% y/y on more modest shrinkages in the subscriber base (-2.5% y/y)," Barclays said.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

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