SINGAPORE (Nov 11): Daiwa is keeping its “underperform” call on StarHub with lower $3.28 target as the telco’s 3Q results beat its estimates on cost control and one-off items and revenue pressures remain its key worries.

In 3Q, StarHub reported a 21.5% increase in net profit on a 1.0% rise in service revenue and a 1.1 ppt increase in the service EBITDA margin.

In a Nov 6 report, analyst Ramakrishna Maruvada says StarHub’s solid cost control continues to be one of the key highlights of the results. In particular, marketing costs were once again kept in check, which the company attributed to lower retention spending and positive effects of its investments in data analytics.

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