SingTel - DBS Research 2023-02-09: ROIC ~ Another Key Share Price Catalyst

• SingTel's share price has demonstrated a positive correlation of 89% with its ROIC (Return on Invested Capital) implying when the ROIC performs better, the share price inches up. It can be observed that during May 2020, SingTel witnessed its share price falling by 26% to S$2.50. This was the time where the big fall from 8% to 5% in its ROIC took place. Weaknesses in SingTel’s core business coupled with reduced contribution from associates was the reason.
• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Hence, investors turn their attention towards another key metric - ROIC.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-03-23 Singtel - Too Narrow Holding Company Discount?.

Previous report by DBS:
2025-12-11 Singtel - Will The Rally Continue Or Fizzle In 2026?.

Price targets by 4 other brokers at Singtel Target Prices.

Listing of research reports at Singtel Analyst Reports.

Relevant links:
Singtel Share Price History,
Singtel Announcements,
Singtel Dividend Payout Dates & Corporate Actions,
Singtel News