SingTel - Phillip Securities 2024-05-27: Down Under Is Turning Around

SingTel - Down Under Is Turning Around

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel (SGX:Z74)'s 4QFY24 revenue was within expectations, with FY24 revenue at 97% of our forecast. EBITDA exceeded 105% of forecasts due to higher other income and Optus margins. The final dividend was raised by 13% to 6 cents and an inaugural “value realisation dividend” (or recurrent special) of 3.8 cents.
  • - Read this at -
  • We see multiple earnings and drivers for SingTel's share price. These include
    1. S$200mil p.a. cost down in Australia and Singapore. FY24 combined headcount is down almost 7% y-o-y;
    2. S$300- 400mil EBITDA opportunity in GPU-as-a-Service;
    3. - Read this at -
    4. recovery in associate earnings post current de-valuation in Airtel Africa, growth in home broadband and higher mobile prices.
  • We maintain BUY on SingTel with a higher target price of S$3.00 (previously S$2.80). SingTel's dividend yield is now 6.2%.

The Positive

Margin recovery in Optus.

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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 | 2024-05-27

Previous report by Phillip:
2024-05-02 SingTel - Accounting Spring Cleaning, Sprinkled With Cash.

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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