Broker: Maybank Research Pte Ltd
Date of Report: May 22, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Stock Focus: Singapore Telecommunications (Singtel, ST SP)
• Action: BUY
• 12-Month Target Price: SGD 5.00 (+10%)
• Key Idea: Singtel is positioned as one of ASEAN’s leading AI infrastructure plays, with strong growth potential in GPUaaS, sovereign AI workloads, data centers, and AI-enabled connectivity. The company is aggressively scaling up its AI and data center businesses, expecting AI/DC-linked segments to contribute around 15% of group EBITDA by FY29.
• Highlights:
  • Share price correction after FY26 results viewed as overlooking improving operational trends and robust capital return framework.
  • FY27 capex guidance higher (SGD3 billion), but Singtel’s asset recycling program and previous monetizations can bridge the gap between free cash flow and dividends.
  • Management remains confident in sustaining current shareholder returns, with additional funding levers available.
  • Estimated FY27–29 core net profit growth, with associates and AI-driven businesses as main growth drivers.
• Implications: Investors should focus on Singtel as a diversified telco and AI infrastructure leader, maintaining capital returns and strong growth prospects in the region, especially in AI-related services.

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.com/investment-banking