Telecommunication Sector - UOB Kay Hian 2024-07-10: Expect Continued Earnings Growth In 2Q24

Telecommunication Sector - Expect Continued Earnings Growth In 2Q24

Singapore Telecommunication Stocks - SingTel, StarHub, NetLink Trust | SGinvestors.ioNetLink Trust (SGX:CJLU) SINGTEL (SGX:Z74) STARHUB LTD (SGX:CC3)
  • For 1Q24, the sector’s 16% y-o-y earnings growth was within expectations, driven by strong contributions from SingTel’s regional associates, ongoing realisation of StarHub’s DARE+ benefits and better overall cost discipline.
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  • We like SingTel’s regional exposure, StarHub’s attractive valuation and NetLink NBN Trust’s defensive earnings. Maintain OVERWEIGHT.

1Q24: Stable results in line.

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  • The sector outperformance was driven by:
    1. stronger contributions (+15% y-o-y) from SingTel’s regional associates;
    2. turnaround in Optus’ business
    3. ongoing realisation of DARE+ benefits (capex to opex model) from StarHub, and
    4. better cost discipline supporting margins.

Stiff competition to persist.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2024-07-10

More views on outlook of telecom sector:
Analyst Reports on Singapore Telecom Sector


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