Morningstar

Morningstar, Inc.

Equity Bottom-Up

We increase our fair value estimate for SingTel to SGD 2.80 per share from SGD 2.75 following the release of weak thirdquarter results broadly in line with that seen in the second quarter. Time value of money and various currency updates drove the small fair value upgrade despite us nudging down our forecasts again. Fourth-quarter group revenue was flat with EBITDA down by 10.6% and underlying net profit down 28%. The strong Singapore dollar reduced revenue and EBITDA by around three percentage…

We reduce our fair value estimate for Singapore Telecommunications to SGD 2.75 per share from SGD 2.85 per share following the release of weaker-than-expected first-quarter results from the Singapore domestic business and share price falls from the Associates. Fourth-quarter group revenue was flat with EBITDA down by 9.6% and underlying net profit down 22%. The strong SGD reduced revenue, EBITDA, and underlying net profit by 4 percentage points each. A reasonable performance in Australia with…

We retain our fair value estimate for SingTel at SGD 2.85 per share following the release of broadly in-line firstquarter fiscal 2019 results. First-quarter group revenue decreased by 0.5%, EBITDA declined by 2.7%, and underlying net profit declined by 19%. A solid performance in Australia, with Optus EBITDA up 1.6%, was offset by weakness in Singapore, with EBITDA declining by 3.8% and contributions from associates down 25%, owing to increased competition in Indonesia and India. We also retain…

We retain our fair value estimate for Singapore Telecommunications, or Singtel, of SGD 2.85 per share following the release of key Australian competitor, Telstra’s 2022 strategy and guidance for fiscal 2019. We view the announcement by Telstra as slightly negative for Optus with Telstra guiding to fiscal 2019 (ending June 2019) EBITDA declines of 7%-14%. This is at least partly driven by planned lower Telstra pricing including removal of excess data charges which will likely flow through the…

We lower our fair value estimate for Singtel to SGD 2.85 per share from SGD 3.20 per share following the release of broadly in-line fiscal 2018 results, owing mainly to declining fortunes at its associates and unfavorable currency movements. Singtel’s fourth-quarter 2018 (quarter ended March 2018) showed continued market share gains in Australia, but both the Australian and Singaporean mobile markets are suffering increased competition ahead of TPG's launch as a fourth entrant in both markets…

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Singtel (Singapore Telecommunications) (ST SP)

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