SingTel - DBS Research 2024-02-26: Focus On Core Operating Profit Trajectory

• SingTel (SGX:Z74)'s 3QFY24 underlying earnings of S$559m (+1.6% q-o-q, flat y-o-y) were 6%-7% below our expectations on sharp drop in Airtel Africa and Telkomsel weakness.

Lower-than-expected pre-tax contribution from associates

• - Read this at SGinvestors.io -
• Telkomsel’s performance was impacted by lower mobile earnings on accelerated declines in legacy services and higher operating expenses and depreciation charges.

3QFY24 underlying core operating profit of S$324m (+16% q-o-q, +13% y-o-y) in line

• - Read this at SGinvestors.io -
• Trustwave losses were absent in 3Q24, as it was classified as a subsidiary held for sale by the end of 2Q24, saving an estimated S$30m every quarter.

On track for upper end of dividend payout ratio guidance

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-12-11 Singtel - Will The Rally Continue Or Fizzle In 2026?.

Previous report by DBS:
2025-08-22 Singtel - A SGD5 Stock In A Year?.

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