- SingTel (SGX:Z74)'s FY23 results missed on AUD weakness, albeit. with the highest dividend payout since FY19.
- With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium term.
- - Read this at SGinvestors.io -
A miss on FX, albeit, good operational showing with ROIC at 8.3%.
- 4QFY23 core earnings of S$489m (-12.5% q-o-q, +4.4% y-o-y) brought SingTel's FY23 (Apr 2022 to Mar 2023) core earnings to S$2.05bn (+7% y-o-y), at 90% of our forecast (consensus: 93%) with the key deviation coming from the weaker AUD (-6% year-to-date).
- - Read this at SGinvestors.io -
- The positive offsets were from associate contributions (+6.1% year-to-date) on Airtel’s outperformance and lower depreciation expense.
- A final dividend of S$0.053 (FY22: S$0.048) puts SingTel's FY23 full-year dividend at S$0.149 (including special dividend of S$0.05), the highest since FY19 with ordinary dividend of S$0.099 at the top-end of its 60-80% payout, ahead of our and market expectations. See SingTel's dividend date.
Roaming revenue roars back.
- Read more at SGinvestors.io.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-05-26
Previous report by RHB:
2023-04-07 SingTel - Telkomsel Inks Fixed-Mobile Convergence Conditional Spin-Off Agreement; Keep BUY.
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
