Singtel - Maybank Research 2025-04-17: A Defensive Shield ~ Developed Market Telcos Outshine Amid Uncertainty

• Year-to-date, SingTel's share price has outperformed its ASEAN peers and the local STI index by 23%. However, SingTel’s performance is relatively inline with global developed market telcos (up 14% year-to-date) which outperformed the global MSCI index by 19ppt.
• - Read this at SGinvestors.io -

Reiterate BUY with higher target price

• Despite outperformance, we note that SingTel still has a more than 25% holding company discount while its 16% NPAT growth outlook and higher capital return potential (on top of 5% yield) remain upside catalysts.
• - Read this at SGinvestors.io -

4Q/2H FY25 preview: firm delivery

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-06-18 Singtel - Optus Penalty Implications.

Previous report by Maybank:
2025-05-23 Singtel - Capital Return In High Gear; HoldCo Discount Should Narrow.

Price targets by 4 other brokers at Singtel Target Prices.

Listing of research reports at Singtel Analyst Reports.

Relevant links:
Singtel Share Price History,
Singtel Announcements,
Singtel Dividend Payout Dates & Corporate Actions,
Singtel News