SingTel - OCBC Investment 2024-11-14: Progressively Increasing Dividends

• SingTel’s 1HFY25 (financial half year period ending 30 Sep 2024) operating revenue was down marginally by 0.5% y-o-y to S$7.0b, mainly due to the absence of contributions from Trustwave.
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• EBIT (excluding associates’ contributions) grew 27.3% or 16.1% y-o-y (excluding Trustwave’s losses in 1HFY24) to S$738m.

Associates’ contributions remained weak but capital return remained on track –

• Post-tax profit contributions from the associates declined 4.5% y-o-y to S$817m, impacted by currency headwinds, weaker performances of Telkomsel (intense mobile data competition in Indonesia), and Airtel (depreciation of the Nigerian Naira).
• SingTel's 1HFY25 net profit fell 42.4% y-o-y to S$1.2b due to an exceptional gain from the issuance of Telkomsel shares to integrate IndiHome in 1HFY24. On an underlying basis, net profit would have increased 6.1% y-o-y to S$1.2 in 1HFY25.

Interim dividend was up 34.6% y-o-y

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Core businesses showed improving operating trends

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-11-14 SGinvestors.io

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