- Singtel (SGX:Z74)’s 3QFY26 underlying earnings increased 9% y-o-y (14% in constant currency terms) and is trending at 74% of street full-year estimates. Growth was led by Associates (15% y-o-y), despite Intouch exclusion. Associates contributed about 70% of group earnings.
9MFY26: Robust trends; scope for SG improvement
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- Within associates, Airtel, AIS and Globe posted strong growth. While Telkomsel’s PAT growth at 5% was decent, we see potential for a pick-up in momentum helped by competitive improvements in Indonesia.
Core: Firm Optus/NCS; SG mobile and DigiCo to follow
- Optus reported 3% y-o-y mobile revenue growth (AUD), supported by improved competitive discipline and a stable macro backdrop. Cost rationalisation remains on track, with EBITDA and EBIT, up 7% and 30% y-o-y, respectively — encouraging despite lingering impacts from the 000 outage and previously flagged cost risks.
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- NCS delivered solid performance (9% revenue, 21% EBITDA growth).
- While DigitalCo growth was softer (3% revenue, 7% EBITDA), momentum should improve in FY26, aided by the Tuas DC ramp-up and additional scale from the STT GDC deal.
Associates: Strong foundation
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