- SingTel's 1HFY25 results were within expectation. Revenue and EBITDA were 48%/51% of our FY25e forecast. Optus continued its commendable performance with EBITDA growth of 10% y-o-y in 2QFY25 from cost savings and rising prices.
- - Read this at SGinvestors.io -
- We reduced our FY25e associate earnings forecast but offset by a reduction in effective tax. PATMI is unchanged. SingTel's cost-out efforts in Singapore and Australia are supporting a recovery in margins. The strategy to monetize S$6bn of assets is more explicit including Intouch, Comcentre and Bharti Airtel.
The Positive
Margin and revenue recovery in Australia.
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- Headcount declined around 10% y-o-y, with staff costs falling at similar levels.
The Negative
Weakness in Telkomsel.
- Read more at SGinvestors.io.
