SingTel (Buy, TP: S$ 4.4, +83%) Q4 FY24 Quick Take: Strong underlying profit and bullish guidance, offset by frustrating shareholder remuneration policy
Underlying net profit momentum returned to double digits in Q4 as core businesses saw improving trends (notably Optus on cost control & recovering growth), in addition to higher associates’ profits and lower D&A costs. The company has outlined a new Singtel28 strategy, focused on improving its core and scaling growth engines.Singapore Telecommunications is engaged in the operation and provision of telecommunications systems and services, and investment holding. Co. provides a range of multimedia and Information and communications technology solutions, including voice, data and video services over fixed and wireless platforms. Within both Singapore and Australia, Co. provides mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television. Co.'s key businesses include: Group Consumer, Group Digital L!fe, and Group Information and communications technology.
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