From my previous post on Starhub on Feb 2016, I asked about the sustainability of the company's 20 cents dividend policy on a cash flow basis. You can read the previous article here. Since then Starhub has reduced its dividend policy to 16 cents annually. This means Starhub has to generate $277 Mil of cash to deliver its 16 cents dividends. What has happened? Since then, Starhub has experienced 2 events. Firstly, the issuance of a s$200 mil perpetual securities with a 3.95% yield. In my opinion, the proceeds from this perpetual securities is likely to be used for to repay Starhub's maturing debts such as its Sept 2022 bonds. Hence, it is likely this perpetual securities is used as an instrument to roll over Starhub's debts to a longer duration. Secondly, Starhub has experienced a deterioration in its business environment and erosion of its moat. In its ......