SingTel - Maybank Research 2024-02-23: Soft On Surface, But Pockets Of Optimism

SingTel - Soft On Surface, But Pockets Of Optimism

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel (SGX:Z74) posted a flat 3QFY24 underlying NPAT with 9MFY24 net income trending at 70% of MIBG and 72% of street FY24 estimates.

3QFY24: Missing consensus but bright spots emerge

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  • Associates’ pre-tax contribution fell 8% y-o-y on Airtel (due to Africa FX depreciation) and Telkomsel softness.
  • Reported 3QFY24 NPAT fell 13% y-o-y.

Softness in Singapore; limited Optus drag

  • Singapore operations revenues/EBITDA declined -2%/-5% y-o-y due to softness in device sales and enterprise revenues while costs rose on inflationary pressures.
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  • NCS was also impressive with EBITDA up 47% y-o-y on a 4% revenue rise helped by cost optimization. NCS bookings remained firm in 3Q at S$0.7bn.
  • Digital InfraCo revenues were up 16% y-o-y helped by data center growth but EBITDA was down 3% linked to business development investments.

Associates: Mixed bag & partial FX weakness

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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 @

Singapore Research Team Maybank Research | 2024-02-23

Read also Maybank's most recent report:
2024-04-16 SingTel - 42% HoldCo Discount Unfair Amid Multiple Catalysts.

Previous report by Maybank:
2024-03-07 SingTel - Divests A Partial Stake In Bharti; Raises Dividend Hopes.

Price targets by 6 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


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