SingTel - DBS Research 2024-05-24: Organic Core Operating Profit To Resume Growth After 6 Years

• SingTel (SGX:Z74)'s 4Q24 underlying earnings of S$581mil (+19% y-o-y, +4% q-o-q) was 16% above our estimates but broadly in line with consensus estimate of S$609mil. Regional associate pre-tax profit rose sharply (+15% y-o-y, +19% q-o-q) to S$644mil, with growth across all the associates on a sequential basis, led by Bharti Airtel.
• - Read this at SGinvestors.io -

Value realisation dividend a surprise

• Final core 2H24 SingTel's dividend of 6 cents per share (87% payout ratio) is in line with our expectations, but SingTel surprised the market with a value realisation dividend of 3.8 cents per share to be paid in two tranches in August 2024 and December 2024.

ST launches “Singtel28”, a new growth strategy for sustained value realisation.

• - Read this at SGinvestors.io -
• NCS received bookings worth S$3bn in FY25F and Nxera is expected to expand its current operational capacity of 62MW to over 155MW.
  • 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:
2025-06-19 Singtel - Can Core Value Rise >150% In A Year?.

Previous report by DBS:
2025-05-23 Singtel - Misses 4QFY25 Earnings But Dividends & Outlook Exceed Expectations.

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