Broker Name: Maybank Research Pte Ltd
Date of Report: November 14, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary:

• Maybank Research reiterates its BUY call on Singapore Telecommunications (Singtel), raising its target price by 10% to SGD5.08, supported by solid earnings growth, strong associate contributions, and emerging opportunities in data centers.
• Singtel’s core growth is driven by improved performance in Singapore and NCS, robust contributions from associates (Airtel, AIS), and disciplined capital management enabling sustained dividends and share buybacks despite cost pressures at Optus.

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 website : www.maybank.com/investment-banking