Broker Name: Maybank Research Pte Ltd
Date of Report: November 6, 2025
Excerpt from Maybank Research Pte Ltd report.
- Report Summary
- Singtel’s key associates (Airtel, AIS, Telkomsel) delivered strong post-tax profit growth, with associate PAT rising 22% YoY and 7% QoQ for 2QFY26, driven by Airtel (+69% YoY) and AIS (+41% YoY).
- Optus outages weighed on core results, but the positive performance of associates far outweighed this drawback; Optus contributes only 15% to the sum-of-the-parts valuation while associates contribute ~53%.
- Singtel’s financials show robust growth in core net profit and attractive dividend yields, supported by healthy balance sheet and cost optimization initiatives.
- The report maintains a BUY rating with a 12-month price target of SGD 4.62 (+13%).
- Singtel shows above-average ESG transparency, with strong environmental and social initiatives, and a comprehensive approach to risk and governance.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website: https://www.maybank-keresearch.com
