SingTel (SGX:Z74)'s 9MFY23 PATMI at S$1.7b (+4% y-o-y) missed our/consensus expectations, accounting for 74%/73% of full-year estimates. Bottomline growth was lifted by a strong contribution from Airtel (+80% y-o-y).
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SingTel remains our top pick in the sector, post COVID recovery as China’s reopening should continue to support the rebound in mobile roaming and ARPU uplift from 5G services while rewarding investors with special dividends on top of regular dividends.
Strong contributions from roaming and Airtel
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That said, underlying net profit grew 18% y-o-y to S$559m, boosted by roaming recovery in Singapore and Australia and strong profit contributions (+13% y-o-y) from all associates despite being hurt by regional currency depreciation.
Notably, Airtel’s profit contribution surged on subs growth, higher ARPU and EBITDA margin improvement.
NCS margin to face near-term pressure
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Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
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