- SingTel (SGX:Z74)'s 1HFY24 (Apr to Sep 2023) results were a miss on AUD/regional FX weakness and enterprise softness. Positively, management upped its dividend guidance with a higher interim payout of S$0.052, consistent with the narrative on asset recycling and capital management.
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- SingTel remains our preferred Singapore telco exposure.
A miss on FX; dividend payout ratio upgraded.
- SingTel's 1HFY24 core EBITDA slipped 5% y-o-y on the S$ strength against the AUD (-8% y-o-y), with operating revenue down 3%. On constant currency, operating revenue would have risen 1.5% while EBITDA would have been stable.
- - Read this at SGinvestors.io -
- A higher interim dividend of S$0.052 (+13% y-o-y) was declared (77% of core earnings) alongside the revised dividend payout ratio of 70-90% of core earnings (previously 60- 80%) – in line with the strong capital management narrative. See SingTel's dividend dates.
S$0.6bn cost-outs into FY26F.
- Read more at SGinvestors.io.
