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.
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4Q/2H FY25 preview: firm delivery

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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/.

Previous report by Maybank:
2025-02-19 Singtel - Strategic Execution Yielding Tangible Results.

Price targets by 6 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