- Singtel (SGX:Z74)'s 3QFY26 results were within expectations. 9MFY26 Revenue and EBITDA were 73%/74% of our FY26e forecast. PATMI exceeded estimates at 81% of FY26e due to stronger than-expected performance from associate Advanced Info.
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- Singapore mobile is the weakest segment with revenue declining 10.8% y-o-y to S$289mil. Competition, especially in eSIM prices and roaming, continues to drag revenue and earnings.
- Associates' earnings rose 23% y-o-y to S$529mil. Earnings grew strongly in Advanced Info (+47.8%) and Airtel (+27.3%).
The Positive
Jump in Advanced Info (AIS) earnings.
- Contribution from AIS in 3Q26 jumped 47.8% y-o-y to S$125mil, aided partly by a 4.2% appreciation in the baht. The stellar performance was from a 5.5% y-o-y rise in blended ARPU to Bt240, 2.2% improvement in subscribers to 46.7mil subscribers, and 9% drop in depreciation expense.
The Negative
Singapore mobile remains under pressure.
- - Read this at SGinvestors.io -
Outlook
- Read more at SGinvestors.io.
