Singtel - DBS Research 2025-08-22: A SGD5 Stock In A Year?

• In the last one-year, we have seen a revival of high correlation between Singtel's share price and associate market value after a gap of 7 years. There is a strong correlation between Singtel's share price and the market value of its key associate companies (Bharti Airtel, Advanced Info Services PCL (AIS), Telkom Indonesia (TLKM), and Globe Telecom since June 2024.

Correlation between Singtel’s stock price and associate market value.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• The anticipated turnaround was driven by Singtel's improving core business performance – fuelled by Optus’s ongoing recovery, and growing contributions from its NCS and Data Centre segments and divestments. These factors are poised to strengthen Singtel's core EBIT, which in turn should re-establish the historically strong positive relationship between its share price and the collective market value of its associates.

Bharti, which contributes 53% of Singtel’s valuation, is seeing a continued ARPU rise.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-06-19 Singtel - Can Core Value Rise >150% In A Year?.

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