Singtel (Buy, TP: S$ 4.4, +86%) Q3 FY24 Quick Take: Slightly disappointing despite better Optus profitability; FY24 payout expected to be at higher range of guidance
Singtel reported slightly disappointing Q3 FY 24 results today with reported underlying net profit growth of +1.5% YoY in Q3 FY24, down from 12% in Q2. This was primarily driven by weakness in Singtel Singapore and lower share of associates’ contribution due to the devaluation of Naira and the diluted stake in Telkomsel post the IndiHome-Telkomsel merger. It is not apples to apples but excluding just the direct Naira effect, net profit would have been +10%. Probably the real underlying figure is somewhere between reported 1.5% and 10%. Our full take below.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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.