SingTel - UOB Kay Hian 2023-05-26: Improving Core Business Dragged By Weaker Overseas Contributions In FY23

SingTel - Improving Core Business Dragged By Weaker Overseas Contributions In FY23

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel reported higher FY23 underlying revenue (+2% y-o-y) and PATMI (+7% y-o-y), driven by NCS, higher data roaming revenue and regional associates.
  • Singapore consumer continues to experience ARPU uplift from the ongoing recovery in international travel and ongoing 5G migration.
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  • Maintain BUY recommendation on SingTel with target price: S$3.15.

SingTel's FY23 results in line.

  • SingTel (SGX:Z74)’s FY23 overall headline group revenue (-4.7% y-o-y), EBITDA (-2.3% y-o-y) and PATMI (+18.7% y-o-y) were within our expectations, forming 104%, 96% and 97% of our full-year forecasts.
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  • On a constant currency basis and excluding Amobee and NBN migration contributions, SingTel’s underlying operating revenue (+5.1% y-o-y), EBITDA (+2.8% y-o-y) and net profit (+11.2% y-o-y) would have increased for FY23, implying improving business fundamentals.
  • SingTel proposed a final 2HFY23 ordinary dividend of 5.3 cents (2HFY22: 4.8 cents), taking total FY23 ordinary dividends to 9.9 cents (FY22: 9.3 cents). Including the additional 5.0 cents from SingTel’s asset recycling initiatives, FY23 total dividends increased 60% y-o-y to 14.9 cents, with an annualised dividend yield of around 5.9%.


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

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2023-05-26

Read also UOB's most recent report:
2023-09-19 SingTel - Gradually Unlocking Shareholder Value.

Previous report by UOB:
2023-09-06 SingTel - Determined To Drive ROIC Expansion.

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 Dividends & Corporate Actions,
SingTel News Articles


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