StarHub Downgraded to Sell on Weakening Earnings, Execution Risk, and Prolonged Profit ContractionWe believe the goal is for Starhub to take market share ahead of market consolidation in 2026F, and aim to regain profitability in 2027F/2028F with some element of market repair. The risk, in our view, is that market repair takes longer than expected to pan out, suppressing longer-term profits. However, we do believe the growing demand for cybersecurity and digitalisation in the region will provide a pathway to growth for its enterprise business, which we now assume will make up 50% of revenue by FY28F (from 44% in FY25F). Nonetheless, we cut FY26F/27F net profit forecasts for to reflect this new strategy. We cut our DPS estimates to 6 to reflect lower earnings, but also take into account the healthy cash balance of S$857m as at end-FY25.