Singtel (Buy, TP: SGD 4.4, +78%) Q3 FY23: Strong net profit beat supported by Associates; cost pressure expected to ease further
Singtel printed a strong profit beat, thanks to Associates, in particular Airtel, which offset the cost pressure faced by NCS. Topline was ahead consensus by 1% while underlying profit beat by 12%. Underlying revenue growth (constant FX) improved to 6%, driven by both core telco and NCS.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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