Stock Downgraded: Starhub fair value lowered to 2.48 sgd by DBS Equity Research!

DBS Equity Research has lowered its assumed fair value for StarHub Ltd to 2.48 sgd from 2.51 after Singapore's second biggest telecommunications company posted first-quarter results that missed market estimates. While StarHub reported that it first-quarter net profit surged 102 pct year-on-year to 61.4 mln sgd, the figure was below the 63-73 mln forecast by analysts polled by XFN-Asia. DBS had projected StarHub's first quarter net profit at 65.6 mln sgd. "Despite the hiccup, we still like StarHub's underlying earnings growth prospects. Overall, StarHub remains our preferred pick among the Singapore telcos, and we continue to maintain our 'buy' recommendation," it said. At 10.07 am, the stock was flat at 2.24 sgd with 2.32 mln shares traded.