SingTel - RHB Invest 2024-06-19: Inks JV For Malaysian Data Centre; Keep BUY

SingTel - Inks JV For Malaysian Data Centre; Keep BUY

SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • We view SingTel (SGX:Z74)’s latest data centre (DC) foray in Malaysia positively. The JV completes its regional DC footprint, with scale economies to drive longer-term growth for its Digital InfraCo business, which is a key growth engine.

Singtel has entered into a JV with Telekom Malaysia

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  • Both have agreed to commit up to MYR1.15bn as initial equity over a period of five years, with Nxera’s commitment being MYR564m. TM will invest the remaining MYR587m. The committed equity funding is subject to change, depending on the approved business plan at any point in time.
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  • The exercise is pending TM’s shareholder approval and subject to various regulatory/state approvals, including the variation of the land status, with expected completion in 2H24.

Third data centre partnership; completes SingTel's ASEAN data centre footprint.

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Singapore Research RHB Securities Research | 2024-06-19

Previous report by RHB:
2024-05-24 SingTel - Value Realisation; Maintain BUY.

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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