- SingTel's 3QFY25 results were within expectation. 9MFY25 revenue and EBITDA were 73%/75% of our FY25e forecast. PATMI exceeded estimates at 79% of FY25e due to stronger than-expected performance from associate Bharti.
- - Read this at SGinvestors.io -
- Singapore continues to face revenue pressure from mobile competition, dragging down Average Revenue Per User (ARPU) and structural weakness in legacy voice. Recovery in Optus gains momentum, with EBIT jumping 43% y-o-y in 3Q25 to S$91mil. Aggressive cost-cut measures and revenue growth were the key drivers.
- Note: SingTel's 3QFY25 update provided no analyst briefing and limited financials.
The Positive
Spike in Bharti earnings.
- - Read this at SGinvestors.io -
- The expected step-up in dividends from Airtel will support the deleveraging at BTL.
The Negative
Price competition in Singapore and Indonesia.
- Read more at SGinvestors.io.
