SingTel - Further Earnings Recovery Likely In 3QFY22
- SingTel (SGX:Z74) will release its 3QFY22 (Oct 2021 to Dec 2021) business performance update on 15 Feb.
- SingTel's 3QFY22F core EPS may have risen 26-28% y-o-y and 2-3% q-o-q to S$540m- 550m; we expect in-line 9MFY22F core EPS at 73-74% of our FY22 forecast.
- Singapore and Optus Consumer likely up, but Enterprise down y-o-y. We foresee 3QFY22F regional associate profits climbing 31- 34% y-o-y, led by a turnaround in Bharti’s contribution as well as better Telkomsel and Globe earnings.
- Reiterate ADD call on SingTel with target price of S$2.90. SingTel is our top Singapore telco pick.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
FOONG Choong Chen CGS-CIMB Research | Sherman LAM Hsien Jin CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-09 2022-02-09
Read also CGS-CIMB's most recent report:
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