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.
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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.
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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/.
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