Broker Name: OCBC Group
Date of Report: 25 May 2026
Excerpt from OCBC Group report.
Report Summary
Stock Focus: Singapore Telecommunications (Singtel)
Ticker: ST SP
Action: BUY
Target Price: SGD 5.75
- Key Idea: Singtel’s long-term growth outlook remains intact. The company reported underlying profit after tax and minority interests (PATMI) growth, supported by strong results from Optus, NCS, and Digital InfraCo, driven by demand for IT services, data analytics, AI, and data centres.
- Dividend: FY26 dividend per share rose 8.8% year-on-year to 18.5 Singapore cents, showing management’s commitment to shareholder returns, though slightly below expectations.
- Guidance: Management guides for low- to mid-single-digit EBIT growth (excluding associates) in FY27, with increased capex focused on data centres and AI infrastructure.
- Implication: Despite recent share price weakness due to lack of upgrades in asset monetisation, OCBC remains constructive on Singtel’s monetisation optionality and growth in AI and data centres, supporting the BUY call and target price.
above is an excerpt from a report by OCBC Group. Clients of OCBC Group can be the first to access the full report from the OCBC Group website : https://www.ocbc.com
