SingTel - Maybank Research 2024-11-11: Associates’ 2QFY25 A Mixed Bag

• Based on SingTel’s key associates’ results, we estimate 2QFY25 post-tax contributions from associates fell -3% y-o-y, but rose 5% q-o-q.

Airtel & Globe strong, AIS moderate, TSEL soft

• - Read this at SGinvestors.io -
• AIS’ core earnings (+12% y-o-y and flat q-o-q) are in line. But Telkomsel disappointed (core earnings -23% y-o-y and -16% q-o-q) as revenue was soft and costs rose.
• FX had a -3ppt y-o-y and flat q-o-q impact on Associates contribution. As such, we estimate 1HFY25 post-tax contributions from associates for SingTel achieved 41% of ours and 44% of the Street’s full-year forecast. This suggests the Street may revise down earnings forecasts for SingTel. SingTel will announce results on 13th November.

Airtel: strong all round

• - Read this at SGinvestors.io -
• India mobile ARPU of INR233 rose 15% y-o-y/11% q-o-q, but there’s upside as management is targeting INR300 in the medium term.

Globe: mobile & GCash firm

• Read more at SGinvestors.io.

Hussaini Saifee Maybank Research | https://www.maybank.com/ 2024-11-11 SGinvestors.io

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