SingTel - RHB Invest 2024-09-05: Moving On Up; Keep BUY

SingTel - Moving On Up; Keep BUY

Published:
SingTel (SGX:Z74) | SGinvestors.ioSingTel (SGX:Z74)
  • SingTel (SGX:Z74)’s recent Investor Day (SID2024) elucidated on its mid-term growth plan. We remain positive on earnings prospects, backed by capital recycling/dividend upsides, ROIC accretion and price repair.
  • - Read this at SGinvestors.io -

SID2024.

  • At the SID2024 held on 29 Aug, SingTel's management elucidated the Singtel28 strategy – the group’s mid-term growth plan. The focus is on:
    1. Driving high quality topline growth,
    2. cost optimisation, and
    3. capital management.
  • S$2-3bn of the S$6bn targeted in the mid-term for assets to be recycled will be sourced from equity partners. While there were no specifics, we think a further sell down in Airtel (29%) is likely following the >S$3bn successfully raised in recent years coupled with partial divestments of NetLink Trust (SGX:CJLU) (24.8%) and/or NCS (100%). The proceeds should comfortably meet the 3-6 cents in variable realisation dividend.
  • - Read this at SGinvestors.io -

Challenging core markets; repricing of Optus plans should sustain revenue momentum.

  • Read more at SGinvestors.io.





Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-09-05



Previous report by RHB:
2024-08-16 SingTel - A Strong Start To FY25F; Keep BUY.

Price targets by 4 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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