- SingTel (SGX:Z74)'s FY23 PATMI of S$2.23b (+14% y-o-y) missed our/consensus expectations due to FX depreciation in the region, achieving 95%/94% of the respective FY23 forecasts. On a constant currency basis, PATMI would be in line with estimates.
- - Read this at SGinvestors.io -
Strong roaming recovery and 5G demand
- SingTel's FY23 operating revenue and EBITDA fell 4.7% and 2.2% y-o-y, respectively, due to absence of contribution from Amobee and a 6% depreciation in the Australian dollar.
- - Read this at SGinvestors.io -
- Optus saw strong improvement in EBIT (+35.1% y-o-y) on solid net connections, increasing prices and growth in prepaid business.
- NCS’ operating revenue (+18% y-o-y) was propelled by growth in its Enterprise and Telco business. EBITDA, however, declined by 6.3% y-o-y, impacted by higher operating expenses attributable to post-acquisition charges, as well as higher staff costs due to investments in digital capabilities to support business growth.
- Notably, contributions from SingTel's regional associates rose 4.2% y-o-y, particularly Airtel’s continued momentum in India (+60% y-o-y) as it increased ARPU through higher usage and tariff hikes.
Improving ROIC target
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.
Kelvin Tan Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-25
Previous report by Maybank:
2023-02-16 SingTel - Challenging Quarter; 9MFY23 Missed Estimates.
Price targets by 5 other brokers at SingTel Target Prices.
Listing of research reports at SingTel Analyst Reports.
Relevant links:
SingTel Share Price History,
SingTel Announcements,
SingTel Dividends & Corporate Actions,
SingTel News Articles
