Singtel - UOB Kay Hian 2025-02-20: 9MFY25 Results In Line As Business Outlook Improves

• SingTel reported robust 9MFY25 underlying net profit of S$1,870m (+11% y-o-y) on the back of good cost control and higher associate earnings. Accounting for 73% of our full-year net forecasts, we deem the results in line with our expectations.
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9MFY25: A strong set of results.

• 3QFY25 revenue (+1% y-o-y), EBITDA (+1% y-o-y) and underlying net profit (+18% 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 from the group’s cost-out programme, and
  3. - Read this at SGinvestors.io -
• Reported earnings jumped 183% y-o-y to S$1,319m with the recognition of exceptional gains from disposal of partial stakes in Intouch and Indara, and the Group’s share of Airtel’s net exceptional gains.

Optus: Market repair.

• On a constant currency basis, 3QFY25 operating revenue rose 4% y-o-y, driven by a 5% y-o-y increase in mobile service revenue. The quarter experienced higher postpaid ARPU from price uplifts and increased prepaid customers. Mobile equipment revenue also rose due to increased sales of high-end devices.
• Improved mobile performance coupled with disciplined cost management saw EBITDA inch up 4% y-o-y.

Singapore: A stable quarter; focus on cost discipline.

• Read more at SGinvestors.io.

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-20 SGinvestors.io

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