- 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
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Hussaini Saifee Maybank Research | https://www.maybanktrade.com.sg/ 2026-02-13
Read also Maybank's most recent report:
2026-06-24 Singtel - More Fuel For Capital Returns & Growth Investments.
Previous report by Maybank:
2026-05-22 Singtel - Building An AI Growth Engine While Sustaining Capital Returns.
Price targets by 5 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
