Broker Name: Maybank Research Pte Ltd
Date of Report: February 13, 2026

Excerpt from Maybank Research Pte Ltd report

Report Summary:

• Singtel reported strong earnings for 3QFY26, with underlying earnings up 9% YoY, led by robust performance from its associates, especially Airtel, AIS, and Globe. Core business momentum remains firm, and upcoming industry consolidation in Singapore mobile and rising investments in cybersecurity are expected to drive further recovery.
• The broker raised its target price for Singtel to SGD5.25, citing improved earnings visibility, lower WACC for the Singapore business, and updated forex assumptions. Singtel continues to benefit from supportive telecom conditions across its associate markets and stands out for its high dividend yield, balance sheet strength, and proactive ESG initiatives.

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 website : www.maybank.com/investment-banking