SingTel - CGS-CIMB Research 2022-05-20: Bharti’s Turnaround To Lift Earnings

SingTel - Bharti’s Turnaround To Lift Earnings

SINGTEL (SGX:Z74) | SGinvestors.ioSINGTEL (SGX:Z74)
  • SingTel (SGX:Z74) will release its 2HFY22 (Oct 2021 to Mar 2022) results on 27 May. Based on its associates’ reported results and our estimates for its Singapore and Optus operations, we believe SingTel’s 2HFY22F core net profit came in at S$970m-980m, up 8-9% y-o-y (steady h-o-h). This is mainly due to Bharti’s earnings turnaround, and to a smaller extent, higher earnings from Singapore and Optus.
  • Based on SingTel’s earlier announcements, its reported 2HFY22 results may be boosted by gains on sale of its 70% stake in Australia Tower Network (S$538m) and 1.6% stake in Airtel Africa (S$34m). FY22F core net profit may have risen 12-13% y-o-y to S$1.95bn-1.96bn, meeting our forecast.
  • We expect SingTel to declare a 2HFY22 dividend of S$0.044, bringing full-year dividend to S$0.089 (75% payout).
  • Reiterate ADD and SOP-based target price of S$3.30 for SingTel. We keep our earnings forecasts, pending the release of SingTel’s results.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

FOONG Choong Chen CGS-CIMB Research | Sherman LAM Hsien Jin CGS-CIMB Research | 2022-05-20
SGX Stock Analyst Report ADD MAINTAIN ADD 3.300 SAME 3.300

Read also CGS-CIMB's most recent report:
2022-11-10 SingTel - Special Dividend Makes Up For Earnings Miss

Target prices by 4 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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