Broker Name: OCBC Investment Research
Date of Report: 14 November 2025
Excerpt from OCBC Investment Research report.
Report Summary:
- Singtel delivered a strong 1HFY26 performance with net profit tripling to SGD3.4b, primarily due to a one-off gain from asset sales, while underlying net profit rose 14%.
- The broker raised its FY26 EBIT guidance, reflecting robust performances and stronger contributions from regional associates, especially Airtel and AIS.
- Interim dividend per share was up 17% year-on-year and the fair value estimate was lifted to SGD5.75.
- Growth momentum continued in key segments such as Optus and NCS, with Optus showing disciplined cost management and NCS posting double-digit EBITDA growth.
- Risks highlighted include competition in Singapore and Australia, FX headwinds, and potential regulatory costs from the Optus outage.
- Singtel’s ESG rating remains strong, with leading corporate governance among global peers.
- Potential catalysts for further upside include higher associate contributions, further asset monetisation, and dividend hikes.
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/
