SingTel - UOB Kay Hian 2024-04-30: Striking A Deal In Regional Australia

SingTel - Striking A Deal In Regional Australia

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel announced an 11-year A$1.6b network sharing deal with TPG in regional Australia, receiving around A$900m of incremental cashflows over 11 years. However, we expect minimal near-term earnings impact for SingTel.
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SingTel announced huge impairment in 2HFY24...

  • SingTel announced that the group would recognise S$3.1b of exceptional non-cash impairment in 2HFY24. This is on the back of
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    2. impairment of goodwill (S$340m) of the group’s Asia Pacific cybersecurity business from general business weakness,
    3. impairment of NCS Australia (S$280m) from higher cost of capital and most significantly,
    4. impairment on Optus (S$2b).
  • The impairments reflected a range of factors including weaker prospects in the enterprise market, increased cost of capital and the softer macroeconomic outlook in Australia.

… as the enterprise segment underperforms.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2024-04-30

Read also UOB's most recent report:
2024-05-24 SingTel - FY24 In Line, New Dividend Policy & Strategic Plan To Unlock Value.

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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