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
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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
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/.
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