- 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.
