SingTel - Maybank Research 2023-05-25: Currency Headwinds; FY23 Missed Estimates

SingTel - Currency Headwinds; FY23 Missed Estimates

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • 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 -

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 -
    • 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

  •

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Kelvin Tan Maybank Research | 2023-05-25

Read also Maybank's most recent report:
2024-03-07 SingTel - Divests A Partial Stake In Bharti; Raises Dividend Hopes.

Previous report by Maybank:
2024-02-23 SingTel - Soft On Surface, But Pockets Of Optimism.

Price targets by 6 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


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁