- Singtel (SGX:Z74) reported a robust 9MFY25 underlying net profit of S$2,098m (+12% y-o-y) on positive operating leverage among OpCos and robust associate earnings and good cost control. Accounting for 77% of our full-year forecasts, we deem the results in line with expectations.
- - Read this at SGinvestors.io -
A robust quarter.
- 3QFY26 revenue came in marginally higher (+1% y-o-y) on improvement from Optus and higher billing from NCS. Operating profit rose 5% y-o-y despite a 2% decline in the Australian dollar thanks to cost discipline.
- Together with a robust 16% y-o-y uplift in associate income (from Airtel and AIS), 3QFY26 underlying net profit rose 9% y-o-y to S$744m.
Optus: Persistently strong momentum.
- - Read this at SGinvestors.io -
- In 3QFY26, postpaid ARPU was stable at A$50/month (2QFY26: A$50/month; 3QFY25: A$49/month).
Singapore: Navigating the competitive market.
- 9MFY26 revenue and EBIT fell 2% y-o-y and 3% y-o-y respectively, reflecting intense pricing competition and reduced roaming revenue (from increased bundling of roaming services in mobile plans).
- The weakness in mobile revenue (-5% y-o-y) was cushioned gains in Internet of Things (IoT) connectivity and rising equipment and submarine stub sales. Total subscribers base fell 3,000 q-o-q in 3QFY26 but blended ARPU remained stable at S$23/month.
NCS and Digital InfraCo.
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Chong Lee Len UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-02-13
Read also UOB's most recent report:
2026-05-22 Singtel FY26 Results Within Expectations - ROIC Improves To 11%; Record Dividend Payout.
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
