SingTel 2023 Investor Day - Phillip Securities 2023-08-27: Directionally Healthy

• Growth drivers for SingTel include fixed broadband (Indonesia, India and Thailand), data centres and NCS. There is an upside to ordinary dividends with S$2bn of excess cash yet to be returned. Generative AI will soak up data centre supply even faster due to the spike in power and cooling requirements.
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• Our BUY recommendation and SOTP-based target price of S$2.80 for SingTel (SGX:Z74) are maintained. We believe SingTel's earnings have troughed as mobile prices start to edge up higher and new growth engines gather scale. The downside will depend on Optus's ability to rationalise cost to cope with the unrelenting price competition.
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Key Highlights from Singtel Investor Day 2023

CEO: Unwavering focus on strategic reset

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2026-02-05 Singtel - Preparing Growth Post ST28.

Previous report by Phillip:
2026-01-05 Singtel - Asset Recycling & Higher Mobile Prices.

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 Dividend Payout Dates & Corporate Actions,
Singtel News