Singtel - DBS Research 2025-12-11: Will The Rally Continue Or Fizzle In 2026?

• Singtel's share price has risen ~45% in 2025, led by a rise in the market value of associates and a sharp reduction in Holding Company discount.
• In 2026, we expect Singtel’s core business to re-rate from just 5x 12M forward EV/EBITDA to the regional average of 7x EV/EBITDA catalysed by doubling of its data centre capacity in early 2026 and stabilisation of Singapore mobile ARPU in mid-2026.

Breakdown of Singtel’’s 45% share price year-to-date increase in 2025 by key drivers

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• While the rest ~10% share price rise came from higher core business value due to a similar rise in the core EBIT led by ARPU rise in Australia, margin uplift at NCS and S$200m cost savings program.

Singtel’’s core business still trades at just under 5x FY26F EV/EBITDA, versus 7x for regional peers.

• 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:
2025-08-22 Singtel - A SGD5 Stock In A Year?.

Price targets by 4 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