Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Singtel (Singapore Telecommunications) / Event-Driven

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

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>SingTel (SGX:Z74)'s FY23 results missed on AUD weakness, albeit. with the highest dividend payout since FY19.</li><li>With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium term.</li><li>4QFY23 core earnings of S$489m (-12.5% q-o-q, +4.4% y-o-y) brought SingTel's FY23 (Apr 2022 to Mar 2023) core earnings to S$2.05bn (+7% y-o-y), at 90% of our forecast (consensus: 93%) with the key deviation coming from the weaker AUD (-6% year-to-date).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SingTel (SGX:Z74)'s FY23 results missed on AUD weakness, albeit. with the highest dividend payout since FY19.With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium term.4QFY23 core earnings of S$489m (-12.5% q-o-q, +4.4% y-o-y) brought SingTel's FY23 (Apr 2022 to Mar 2023) core earnings to S$2.05bn (+7% y-o-y), at 90% of our forecast (consensus: 93%) with the key deviation coming from the weaker AUD (-6% year-to-date).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 278% versus the MSCI Asia ex Japan of 151%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 278% versus the MSCI Asia ex Japan of 151%


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

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>Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.</li><li>Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.</li><li>Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.</li></ul>

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Singtel (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

The Stocks to Own in Asia – Vol. 51

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine new join the...

A. Stotz Investment Research

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7. Ten stocks,...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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 - ROIC Trending Up; Keep BUY

With FY23 return on invested capital (ROIC) rising to 8.3% (FY22: 7.3%), SingTel's management has set a new low double-digit target in the medium...

RHB Invest

The Stocks to Own in Asia – Vol. 51

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine new join the...

A. Stotz Investment Research

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7. Ten stocks,...

Singapore Exchange Ltd (SGX)