SingTel - RHB Invest 2024-11-14: Solid EBIT Delivery; Keep BUY

• SingTel's 1HFY25 results were characterised by the solid EBIT delivery at Optus and NCS with cost savings tracking in line.
• Management also declared a higher interim dividend of 7 cents (inclusive of 1.4 cents in variable realisation dividend (VRD).
• - Read this at SGinvestors.io -

Broadly in line; higher opex in 2H.

• SingTel's 1HFY25 core earnings of S$1.19bn (+6.1%) formed 78% each of our and consensus forecasts with stable revenue and EBITDA development. We expect seasonally higher 2H opex.
• - Read this at SGinvestors.io -
• Management has recalibrated FY25 EBIT guidance to a “low double-digit growth” from “high single-digit to low double-digit growth” previously.

Pre-associate EBIT up 28% in 1HFY25 (+16% excluding Trustwave).

• Read more at SGinvestors.io.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-11-14 SGinvestors.io

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