- We estimate Singtel’s key associates’ post-tax contributions increased by 15% y-o-y, but declined 2% q-o-q in 1QFY26.
Strong boost from associates, led by Airtel and AIS.
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- Growth was mainly led by Airtel (earnings +97% y-o-y/+14% q-o-q), followed by AIS (+28% y-o-y/+4% q-o-q in local currency). Telkomsel and Globe’s earnings fell 10-15% y-o-y, but we see clear signs of a turnaround. Maintain BUY.
Airtel and AIS: Sustained outperformance.
Airtel India
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- Capex intensity is declining, leading to operating FCF increasing to US$560m in 1QFY26, up 52% y-o-y. This, along with its low leverage levels, create room for higher dividends, although management noted that it also remains open to M&A, especially in enterprise adjacencies.
AIS Thailand
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