Broker: OCBC Investment Research
Date of Report: 14 November 2025
Excerpt from OCBC Investment Research report.
Report Summary
- Singtel posted a strong 1HFY26 net profit, nearly tripling to SGD3.4 billion due to exceptional one-off gains from asset sales, while underlying net profit grew 14%.
- The company raised its FY26 EBIT guidance and increased its interim dividend per share by 17% year-on-year, reflecting robust operational performance and contributions from regional associates.
- Singtel remains focused on cost efficiency, margin improvement in core businesses, and scaling growth engines such as NCS and its regional data centre business.
- Key risks include regulatory and operational costs from the Optus emergency-call outage and competitive pressures in Singapore’s mobile market.
- Valuation was upgraded with a new fair value of SGD5.75, driven by improved execution and lower holding company discount.
- Potential catalysts for further upside include stronger recovery from regional associates, higher dividends, and further asset monetisation.
- Singtel continues to lead in ESG practices, with strong corporate governance and independent board oversight.
Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website : https://www.ocbc.com/personal-banking/investments/investment-research
