- We estimate Singtel’s key associate post-tax contribution to rise 22% y-o-y and 7% q-o-q in 2QFY26 - outpacing our FY26 forecast of +7% y-o-y despite absence of Intouch contribution and a lower Airtel stake.
Associates deliver: strong and advancing in right direction
- - Read this at SGinvestors.io -
- Telkomsel’s performance stabilised (vs declining trend previously).
- Globe is yet to report, but we estimate a -5% y-o-y decline in core earnings.
- While Optus outages weigh on the core, strong associate tailwinds far outweigh the impact.
Airtel & AIS: sustained outperformance
- Airtel posted an all-round performance with revenue up 16% y-o-y and EBITDA up 17% y-o-y in 2QFY26. While India mobile growth remained strong, we are encouraged by the strong growth and in-roads Airtel is making in home broadband. 1HFY26 operating FCF rose to an annualized run-rate of US$9b and with falling net debt suggest room for potentially higher dividend payments.
- - Read this at SGinvestors.io -
Telkomsel: signs of turnaround; Globe yet to report
- Read more at SGinvestors.io.
