Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Singapore Telecommunications / Event-Driven

<ul>
<li>Reportedly (AFR), <strong><a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a></strong> is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. </li>
<li>SingTel quickly <a href="https://links.sgx.com/FileOpen/SGX%20Announcement%2020240313.ashx?App=Announcement&amp;FileID=791796" target="_blank" rel="noopener">countered</a> there is no impending deal; and "<em>Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term</em>."</li>
<li>Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.</li>
</ul>


Reportedly (AFR), Singtel (ST SP) is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. 
SingTel quickly countered there is no impending deal; and "Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term."
Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.


Optus Sale Would Be A BIG Payday For SingTel

Equity Long-Short

Mo Aziz

Equity Bottom-Up

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>Singtel is an underappreciated global telco, with EPS growth above GDP, and DY consistently above market average. This is the steady blue-chip you can bet your house. </li>
<li>Three pillars to our investment thesis: (1) earnings growth - 7-8% p.a.; (2) dividend yield of ~4.2% at 55% payout; and (3) share buyback of S$2bn buyback over 3-years.</li>
<li>Our fair value of S$4.91 -derived from SOTP &amp; 10% hold-co discount implies a 11% UPSIDE potential from current market price plus a 4.2% dividend yield. </li>
</ul>


Singtel is an underappreciated global telco, with EPS growth above GDP, and DY consistently above market average. This is the steady blue-chip you can bet your house. 
Three pillars to our investment thesis: (1) earnings growth - 7-8% p.a.; (2) dividend yield of ~4.2% at 55% payout; and (3) share buyback of S$2bn buyback over 3-years.
Our fair value of S$4.91 -derived from SOTP &amp; 10% hold-co discount implies a 11% UPSIDE potential from current market price plus a 4.2% dividend yield. 


Singtel (ST SP): Upcoming Tariff Hikes, Buyback Engine, and a Holdco That Is Finally Closing

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.</li><li>DBS lowers target price for UltraGreen.ai to 65 US cents.</li><li>SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.</li></ul>

CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.DBS lowers target price for UltraGreen.ai to 65 US cents.SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

<ul><li>SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.</li><li>UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.</li><li>CGS International stays positive on Pan-United’s prospects.</li></ul>

SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.CGS International stays positive on Pan-United’s prospects.

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25.</li><li>Singtel, OCBC, and Keppel were the top contributors, accounting for almost three-fifths of the total buyback consideration.</li><li>Singtel's buybacks are part of a S$2 billion programme, while OCBC and Keppel focus on capital return and recycling.</li></ul>

In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25.Singtel, OCBC, and Keppel were the top contributors, accounting for almost three-fifths of the total buyback consideration.Singtel's buybacks are part of a S$2 billion programme, while OCBC and Keppel focus on capital return and recycling.

1Q26 Buyback Consideration Surpasses S$500M

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

Singtel (ST SP): Upcoming Tariff Hikes, Buyback Engine, and a Holdco That Is Finally Closing

Singtel is a solid investment choice with strong EPS growth, high dividend yield, and potential upside of 11% from current market price.

Mo Aziz

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

CGS International sets All-Link Air & Sea target at 92 cents; DBS lowers UltraGreen.ai to 65 cents; SAC Capital cuts ISOTeam to 7.1 cents after...

Singapore Market Roundup

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SAC Capital cuts ISOTeam target to 7.1 cents post-FY2026 results; UOBKH maintains 'buy' on Singtel, valuing Nxera at $4.5B; CGS International...

Singapore Market Roundup

1Q26 Buyback Consideration Surpasses S$500M

In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25. Singtel, OCBC, and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

Singtel (ST SP): Upcoming Tariff Hikes, Buyback Engine, and a Holdco That Is Finally Closing

​Singtel is a solid investment choice with strong EPS growth, high dividend yield, and potential upside of 11% from current market price.

Mo Aziz

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

CGS International sets All-Link Air & Sea target at 92 cents; DBS lowers UltraGreen.ai to 65 cents; SAC Capital cuts ISOTeam to 7.1 cents after...

Singapore Market Roundup

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SAC Capital cuts ISOTeam target to 7.1 cents post-FY2026 results; UOBKH maintains 'buy' on Singtel, valuing Nxera at $4.5B; CGS International...

Singapore Market Roundup

1Q26 Buyback Consideration Surpasses S$500M

In 1Q26, nearly 50 Singapore-listed companies repurchased approximately S$560 million in shares, up from S$330 million in 1Q25. Singtel, OCBC, and...

Singapore Exchange Ltd (SGX)

Singtel is a solid investment choice with strong EPS growth, high dividend yield, and potential upside of 11% from current market price.