Singtel - UOB Kay Hian 2024-11-14: 1HFY25 Results In Line As Business Outlook Improves

• SingTel has identified about S$6b of capital recycling which we reckon would likely come from paring down its stakes in its regional associates and non-core fixed assets.
• In view of a decent dividend yield of 5.2% and an improving outlook, we maintain BUY rating on SingTel with unchanged SingTel's target price.

Stable 1HFY25 results.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Robust quarter.

• 2QFY25 revenue (+1.1% y-o-y), EBITDA (+9.5% y-o-y) and underlying net profit (+6.7% y-o-y) were higher, driven by:
  1. strong performances from Optus and NCS on the back of price uplifts and higher margins,
  2. lower operating costs (S$100m y-o-y) from the group’s cost-out programme, and
  3. robust revenue growth from Digital InfraCo.

Higher dividend.

• Read more at SGinvestors.io.

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-14 SGinvestors.io

---