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

SingTel - Accounting Spring Cleaning, Sprinkled With Cash

SingTel (SGX:Z74) | SGinvestors.ioSingTel (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

  • - Read this at -
  • 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

    • - Read this at -

    Network sharing agreement between Optus & TPG Telecom

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    Above is the excerpt from report by Phillip Securities Research.
    Clients of Phillip Capital may be the first to access the full report in PDF @

    Paul Chew Phillip Securities Research | 2024-05-02

    Previous report by Phillip:
    2024-02-26 SingTel - 3QFY24 Bruised By Currency.

    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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