Singtel - RHB Research 2026-02-13: 9MFY26 Tracking In Line; Keep BUY

• Singtel (SGX:Z74)’s 9MFY26 results met expectations, with core EBIT growth of 10%, supported by Optus and NCS, and the continuing strong associates showing. The stock’s core investment thesis of ROIC accretion, capital recycling, and positive earnings delivery remain intact.

Within expectations.

• - Read this at SGinvestors.io -
• Meanwhile, share of associates rose 17%, driven by Airtel (+49.9% pre-tax) and Advanced Info Service (ADVANC TB) (+47%).

Singapore operations hit by stronger competition; continued price uplifts at Optus.

• - Read this at SGinvestors.io -
• The continued price uplifts also saw Optus’ mobile service revenue up 3% y-o-y in 3QFY26 (9MFY26: +4.2%).
• Digital Infraco EBIT grew 12% on stable revenue, with higher demand from Nxera’s customers and lower expenses.

Near S$6bn in recycled capital to date (more to come).

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2026-02-05 Singtel - Transforming Into A Data Centre Behemoth.

Price targets by 4 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