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

Published:
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.
  • - Read this at SGinvestors.io -
  • 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.
  • - Read this at SGinvestors.io -
  • 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%.

Singapore.

  • Read more at SGinvestors.io.




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 @ https://www.utrade.com.sg/.




Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | https://research.uobkayhian.com/ 2023-05-26



Read also UOB's most recent report:
2024-03-14 SingTel - Illuminating Value In Optus.

Previous report by UOB:
2024-02-26 SingTel - Soft 3QFY24 Results In Line; Forex Movements Continue To Affect Performance.

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





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