Starhub is the second largest telecommunications company in Singapore. It is part of the 30 components stocks of the STI and a crowd favorite due to its stable business that produces good cash flow. Starhub has committed to reward shareholders an annual dividend of 20 cents in 2016. Sustainability of its 20 cents Dividends Dividends are only sustainable if they are paid from cash flow. Hence, it is apt we start with the cash flow statement. Firstly, lets remember Starhub needs to generate $346 Mil of cash to deliver its 20 cents dividends. From its latest full year results, Starhub has generated about s$674 Million from operating cashflow before changes in working capital and spent about 320 Mil in maintenance CAPEX (approximated from its past few years capex spending). Doing further approximations, we can roughly gauge Starhub has to annually pay cash interest expense of 20 Mil, taxes of 65mil and will receive ......