I think readers of my blog would have seen quite a fair bit of posts on Singapore Telecom shares Singtel, Starhub and M1 Limited. The consensus from the public is that Singtel provides low but growing dividends, Starhub provides high dividends that will eventually need to come down as it is unsustainable and that M1 is the most attractive of all. I have written time and again why Starhub’s debts is not unsustainable. [Explanation here] Starhub’s debt to equity ratio is high because their equity is very very very small. A better measure for telecom shares as illustrated in my last article could be Net Debts over Operating Cash Flow. Today Starhub released their 2nd Quarter 2011 results.

1. Results
2. Presentation Slides

Better Operating Cash Flow

Profit from operations improved. On first glance operating revenue for qtr 2 improved only 0.1% The kicker for Starhub was that ......