SingTel - CGS-CIMB Research 2022-02-16: Small Bump On The Road; Still Set For Recovery

SingTel - Small Bump On The Road; Still Set For Recovery

SINGTEL (SGX:Z74) | SGinvestors.ioSINGTEL (SGX:Z74)
  • SingTel (SGX:Z74)'s 3QFY22 core net profit of S$473m (-1% y-o-y, -11% q-o-q) missed due to associate earnings.
  • Weaker Group Enterprise earnings offset by Consumer and associates y-o-y.
  • Post-3QFY22, we cut FY22-24F core EPS forecast for SingTel by 5-6%, mainly after factoring in lower SG earnings (slower post-COVID-19 roaming recovery, lower device sales). We now see core EPS rebounding 13% y-o-y in FY22F, then rising 30%/17% y-o-y in FY23F/24F
  • Reiterate ADD call on SingTel with 14% higher target price of S$3.30. Our SOP-based target price rises due to higher fair values for associates (+S$0.40), led by Bharti (+S$0.26; 20% discount to Bloomberg consensus target price).
  • SingTel is our top SG 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 2022-02-16
SGX Stock Analyst Report ADD MAINTAIN ADD 3.30 UP 2.900




Read also CGS-CIMB's most recent report:
2022-06-01 SingTel - Beefs Up War Chest Via Comcentre Sale

Target prices by 5 other brokers at SingTel Target Prices.
Listing of broker reports at SingTel Analyst Report.

Relevant links:
SingTel Share Price History,
SingTel Announcements,
SingTel Dividends & Corp Actions,
SingTel News Articles





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