SingTel - Accounting Spring Cleaning, Sprinkled With Cash

SingTel - Phillip Securities 2024-05-02: Accounting Spring Cleaning, Sprinkled With Cash

SingTel - Accounting Spring Cleaning, Sprinkled With Cash

SGinvestors.io

Published: 2024-05-08 02:27 PM

SingTel (SGX:Z74)

SingTel announced exceptional non-cash impairment provisions of around S$3.1 bn in 2HFY24. As a result, SingTel will report a net loss in 2H24.

SingTel's S$3.1bn of non-cash impairment, largely from Australia

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Optus enterprise fixed assets: S$470mil
Asia Pacific Cyber Security goodwill: S$340mil
NCS Australia: S$280mil

Reasons for the impairment include higher interest rates, the rollout of NBN, weaker enterprise spending, and softer macro conditions.

We view the write-offs as one-offs without impacting our valuations. SingTel also made a S$1bn goodwill impairment on Optus in FY23.

No impact to SingTel's dividend

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Network sharing agreement between Optus & TPG Telecom

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

SGinvestors.io

Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-05-02

Read also Phillip's most recent report:
2025-02-20 Singtel - Earnings Spike In India & Australia.

Previous report by Phillip:
2024-11-17 SingTel - Positives In Australia & Asset Monetisation.

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 Dividend Payout Dates & Corporate Actions,
SingTel News

SingTel - Phillip Securities 2024-05-02: Accounting Spring Cleaning, Sprinkled With Cash