Singtel - RHB Research 2025-02-20: Executing Well On ST28; Keep BUY

• Post results, we keep our forecast but lift our SingTel's target price to S$3.80 after reflecting our latest valuation on Telkomsel and adjusting for the market valuation of its regional mobile assets.
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• SingTel remains our preferred Singapore telco stock exposure on rising return on invested capital (ROIC), capital management upside, and positive execution.

3QFY25 tracking in line.

• 3QFY25 core earnings of S$680m rose 22% y-o-y (+23% y-o-y on constant currency) on stronger showing from Optus, NCS and regional associates. 9MFY25 core earnings (+13.7% y-o-y) formed 74% of our and consensus estimates with EBIT (excluding associates) (basis for guidance) up 20% year-to-date.
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Absolute dividend guidance issued.

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2025-02-20 SGinvestors.io

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