SingTel - Maybank Research 2024-03-07: Divests A Partial Stake In Bharti; Raises Dividend Hopes

• SingTel (SGX:Z74) divested an 0.8% stake in Bharti Airtel at Rs1,194/sh to US-based investment firm GQG Partners (not listed). This will help SingTel raise gross proceeds of about S$950m. Post transaction, SingTel’s effective stake in Bharti (BHART IN) will drop to 29.0% from 29.8%.

A better execution than the previous round

• - Read this at SGinvestors.io -

Raises potential for special dividends

• With SingTel’s balance sheet in an already strong position at 1.5x net debt to EBITDA, we see the stake sale raises potential for special dividends.
• - Read this at SGinvestors.io -

Possible share buybacks

• 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:
2025-11-14 Singtel - Core Growth Solid; New Engines Emerging – Reiterate Buy.

Previous report by Maybank:
2025-11-07 Singtel - Thoughts On 0.8% Airtel Stake Sale & Potential DC Deal.

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