SingTel (SGX:Z74)'s FY25 underlying net profit grew 9% y-o-y and came 3% below MIBG and street expectations.
Slight earning miss but dividend surprise
- Read this at SGinvestors.io -
Full year dividend of 17 cents came ahead of ours and street expectations by 2% and company’s previous guidance of 16.5 cents. See SingTel's dividend payout dates.
Operating details
In 2HFY25, Optus revenues increased 3% y-o-y (in AUD terms) helped by 4% mobile service revenue growth but EBIT grew 52% helped by cost management initiatives. We note that Optus FWA revenues are also picking up, rising 9% in 2HFY25.
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NCS posted decent revenue growth of 8% y-o-y in 2HFY25, helped by government linked projects.
Associates 2HFY25 PBT contribution rose 16% y-o-y, helped by Airtel (up 57% y-o-y) and AIS (up 34% y-o-y) partially offset by Telkomsel (down 15% y-o-y) and Globe (-22% y-o-y).
Upwardly revised capital management initiatives.
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/.
