Broker Name: Singtel

Date of Report: Not specified in the provided excerpt (inferred: likely FY26 reporting period)

Excerpt from Singtel report.

• Report Summary:
• Risk assets and interest rates have turned supportive for “defensive compounders” like Singtel, which tends to re-rate when investors seek high-quality cashflow and visible capital returns. The main growth drivers for FY26 are shifting from domestic operations to improved execution at Optus and growth in associates.
• Singtel’s “portfolio as a capital engine” model is reinforced by strong net profit results, mainly from portfolio actions such as the sale of a partial stake in Airtel and the Intouch Gulf merger, supporting continued valuation strength and capital returns.

Above is an excerpt from a report by Singtel. Clients of Singtel can be the first to access the full report from the Singtel website: Singtel Website