- We raise our FY23F/24F earnings for SingTel (SGX:Z74) by 5%/4% on potential classification of Amobee and Trustwave as “held for sale” subsidiary.
- According to Sky News, Amobee might be sold to London-Listed adtech firm Tremor for an estimated GBP165m (S$280m). Amobee has been largely loss-making (S$70m in EBIT loss in FY22). Furthermore, as Amobee is in advance stage of sale, Amobee might be classified as a subsidiary that is “held for sale” from 1QFY23F onwards; therefore, its revenue and earnings will not be captured from FY23F onwards in SingTel’s reported profit.
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