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

• 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

• - Read this at SGinvestors.io -
• 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.
• - Read this at SGinvestors.io -
• 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

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-02-13 Singtel 9MFY26 - Momentum Remains Firm; Raise Target Price To S$5.25.

Previous report by Maybank:
2026-02-04 Singtel - Acquisition Of STT GDC Broadly Positive.

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