- SingTel (SGX:Z74)’s 3QFY24 core net profit of S$559m (flat y-o-y) missed expectations as Bharti contribution was negatively impacted by FX losses for its African operations following devaluation of the Nigerian Naira.
3QFY24: Steady SG, weaker Optus and associates
- - Read this at SGinvestors.io -
- 3Q share of pre-tax profits from SingTel's associates fell 13% y-o-y on lower contribution from Bharti (-21%), Telkomsel (-15%), AIS (-5%).
SG cost synergies to show more meaningfully in FY25F
- Singtel Singapore’s EBITDA margin saw some softness (-1.0% pt y-o-y) in 3QFY24, which we attribute to intense competition in the prepaid mobile space. We believe margin uplift should be more apparent in FY25F as SingTel works to integrate its consolidated Consumer and Enterprise businesses and realise cost synergies.
- - Read this at SGinvestors.io -
- cost optimisation efforts.
- Divestment of cybersecurity arm Trustwave would further support SingTel’s SG margin expansion in FY25-26F via removal of ~S$115m in Trustwave’s annual EBITDA losses.
Resilient Optus performance despite headwinds
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Kenneth TAN CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2024-02-23
Previous report by CGS-CIMB:
2024-02-13 SingTel - Cost Optimisation Efforts To Show In 3QFY24.
Price targets by 5 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
