SingTel - Maybank Research 2024-05-23: FY24 Results Slight Miss But A Dividend Surprise

SingTel - FY24 Results Slight Miss But A Dividend Surprise

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel (SGX:Z74)’s FY24 core earnings grew 10% y-o-y and came in at 98% of MIBG’s and 95% of the street’s full year expectations. While a slight miss, it was anticipated as associates had already reported.

Core: Revenue softness but better cost control

  • - Read this at -
  • EBITDA was helped by lower Optus costs and absence of Trustwave losses.
  • Group EBIT increased 3% y-o-y.
  • Associates PBT contribution at 1% y-o-y was soft owing to Telkomsel weakness and FX.

FY24: Core earnings up 10% y-o-y

  • Core FY24 revenues/EBITDA declined 3%/2% y-o-y mainly owing to AUD weakness and came in at 96-98% of MIBG/street expectations.
  • 2HFY24 core earnings rose 9% mainly due to various cost control initiatives and absence of Trustwave losses.
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FY24 dividend of S$0.15

  • SingTel reported a final plus value realisation dividend of S$0.098 taking full year dividend to S$0.15 (vs our MIGB/street expectations of S$0.118-0.124) and translating into 6.3% dividend yield. (Note: value realisation dividend of S$0.038 is to be paid in two tranches of S$0.019 per share each in Aug 2024 and Dec 2024. See SingTel's dividend dates.)

Outlook: Encouraging growth and dividend outlook

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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 @

Hussaini Saifee Maybank Research | 2024-05-23

Read also Maybank's most recent report:
2024-06-19 SingTel - Doubling Down On Data Centres.

Previous report by Maybank:
2024-06-11 SingTel - Optus Wins A Contract Worth AUD578m.

Price targets by 5 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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