Singapore Telcos - Maybank Research 2023-10-27: What To Look For In Upcoming Results

Singapore Telcos - What To Look For In Upcoming Results

SingTel, StarHub, Netlink Trust | SGinvestors.ioSingTel (SGX:Z74) STARHUB LTD (SGX:CC3) NETLINK NBN TRUST (SGX:CJLU)

Earnings momentum remains positive

  • Singapore’s telco sector earnings momentum is likely to remain broadly positive as economic activity continues to ramp up coupled with strong contribution from newly integrated businesses.
  • StarHub’s earnings are set to narrow further as opex and capex rises in 2HFY23 while Netlink will likely be largely stable amid the ongoing regulatory fibre pricing review.
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SingTel: Optus the key drivers of core profit in 2HFY24

  • We think tariff hikes at Optus will be a key contributor to SingTel (SGX:Z74)’s core profit. Optus raised pricing for its legacy postpaid plans (from AUD30 to AUD49) effective from Aug-23 and non-mobile NBN25 and NBN50 (by AUD1 and AUD6 per month respectively) for new customers, effective from Nov-23.
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  • Moreover, following the divestment of Trustwave, SingTel is set to see annual savings of S$120m and an estimated S$30m boost to core operating profit from the sale.

StarHub: Increasing capex & weaker enterprise growth

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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 | 2023-10-27

More views on outlook of telecom sector:
Analyst Reports on Singapore Telecom Sector


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