- Singtel (SGX:Z74)'s 1HFY26 results were within expectations. Revenue/EBITDA/underlying PATMI were 48%/50%/52% of our FY26e forecast. Underlying net profit rose 14% y-o-y to S$1.35bn, supported by 12% growth in regional associates and 23% jump in subsidiaries. Interim dividend rose 17% y-o-y to 8.2 cents.
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- The growth profile of the Singtel group has expanded from Bharti to include Thailand, and NCS. Thailand is undergoing mobile price repair (+5%), and NCS orders are picking up momentum (+20%). We expect more monetisation to be underway from the disposal of stakes in Gulf Development (~S$2bn) and Bharti Airtel (~S$4bn). The S$2bn value realisation share buybacks has recently started. We expect the next growth driver will be new data centres especially GPU-as-a-Service.
The Positive
Spike in Bharti Airtel earnings.
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AIS and NCS start to grow meaningfully.
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