Singtel - OCBC Research 2026-05-22: Long-Term Growth Outlook Intact

Singtel: Long-Term Growth Outlook Intact

Published:
Singtel (SGX:Z74) | SGinvestors.io
  • Singtel's dividends rose 8.8% y-o-y to 18.5 cents in FY26, a slight miss. 2HFY26 underlying PATMI in-line.

  • 2HFY26 revenue rose 2.7% y-o-y to S$7.4b, while EBITDA increased marginally by 1.1% y-o-y to S$1.9b, supported by contributions from NCS, Digital InfraCo and Optus.

2HFY26 PATMI declined 20.9% y-o-y while underlying PATMI rose 10.6% y-o-y.

  • - Read this at SGinvestors.io -
  • For FY26, PATMI and underlying PATMI grew 39.5% y-o-y and 12.1% y-o-y to S$5.6b and S$2.8b, respectively.

  • A final dividend of 10.3 Singapore cents was proposed, bringing total FY26 Singtel's dividends to 18.5 Singapore cents (+8.8% y-o-y). While slightly below our expectations, this underscores management’s commitment to progressive shareholder returns.

Singapore was the key drag in 2HFY26; key growth engines continued to drive growth.

  • - Read this at SGinvestors.io -
  • NCS continued to demonstrate solid momentum, with revenue and EBITDA rising 8.5% and 17.3% y-o-y, respectively, supported by sustained demand across core IT services, digital resilience, data analytics and AI.

  • Additionally, Digital InfraCo recorded strong growth, with revenue and EBITDA increasing 25.6% and 24.2% y-o-y, respectively, driven by contributions from Nxera’s data centre operations and RE:AI.

Guiding low- to mid-single digit of EBIT growth in FY27.

  • Read more at SGinvestors.io.



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



Chu Peng OCBC Group Research | https://www.iocbc.com/ 2026-05-22



Previous report by OCBC:
2025-11-14 Singtel - Positive FY26 Guidance Revision.

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






Advertisement

You May Also Like



SGX Stock / REIT Search

-

Most Read

🏦💵💳💰Trust Referral Code 2026: Use PGKPSWAE to earn up to S$1,000 cashback rewards when signing up for an NTUC Link Credit Card or Trust Link Credit Card, or when opening a Trust Bank Savings Account.
Tiq Referral Code 2026: Use R472344 for extra 5% off Tiq insurance plans in Singapore – travel 🏖️, car 🚘, motorbike 🏍️, home 🏡, maid 👱‍♀️, pet 🐶 insurance.
-