We project SingTel (SGX:Z74) to post 7% y-o-y/5% q-o-q underlying NPAT growth in 1QFY25.
Expect 7% y-o-y underlying NPAT growth for 1QFY25
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We expect EBITDA to grow at 4% y-o-y/7% q-o-q helped by better cost control, NCS margin lift and absence of Trustwave losses.
We expect associates’ PAT contribution of S$524m (+7% y-o-y/-2% q-o-q), helped by a strong AIS and Globe delivery.
Associates: Firm delivery partially offset by FX
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Globe posted 27% y-o-y core NPAT growth supported by firm mobile revenue and explosive GCash growth. GCash earnings grew 108% y-o-y and contributed 19% to Globe’s earnings. Note that, GCash valuation rose to US$5bn in the recent investment round (link).
Bharti NPAT was flattish in 1QFY25, however, India mobile revenue growth was firm at 10% y-o-y. Note that Indian telcos recently raised pricing by 10-21% which should help in subsequent quarterly growth.
Telkomsel posted decent earnings growth of 6% y-o-y although we note that the topline growth remains elusive.
Forex weakness of up to -2% weighed at the SingTel level.
Scope to collect ~S$0.09 dividend in the next 6 months
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Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
