STARHUB's ENSIGN SPINOFF + M1 MERGER.. TARGET PRICE $1.54
@SPOT_ON:
$StarHub(CC3.SI)$ Market has ignored its cybersecurity business, which could be worth S$0.35 per share and is a potential candidate for public listing, in our view Ensign has achieved operating profit breakeven in FY23F; we project 20% revenue CAGR at Ensign over FY23-25F [Call] [Call] [Call] [Call] [Call] [Call] [Call] [Love] [Love] [Love] [Love] [Love] [Love] BUY with a higher TP of S$1.54. The stock is cheap at 13x FY24F PER vs 5-year average of 18x; offers 8% earnings CAGR over FY23-25F and a 6.2% yield; potential catalyst could be news flow on Ensign’s listing Ensign InfoSecurity