SINGAPORE (June 23): DBS Group Research is downgrading its call on StarHub to “hold” from “buy” with a lowered target price of $1.37 from $1.75 previously.

This is because there may be a delay in industry consolidation.

In a Monday report, analyst Sachin Mittal says, “While we continue to believe that TPG does not have a business case in Singapore, the recent capital injection of $174 million into TPG might help it to sustain for another two years and industry consolidation could be delayed to 2022, as compared to our previous expectation of 2020 or 2021.”

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