Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

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

Equity Bottom-Up

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>Underlying NPAT +21% YoY (+27% cc); OpCo EBIT +10%, tracking ahead of FY27 guidance; associates PAT S$543M beat despite S$46M SGD headwind.</li>
<li>Buyback 41% deployed with ~1.1% EPS accretion locked in; asset recycling 75% complete; Nxera on track to double EBITDA by FY28; all capital targets on schedule.</li>
<li>Maintain BULLISH, TP S$4.91 (SOTP, 10% holdco discount); estimates unchanged; 90% of SOTP compounding.</li>
</ul>


Underlying NPAT +21% YoY (+27% cc); OpCo EBIT +10%, tracking ahead of FY27 guidance; associates PAT S$543M beat despite S$46M SGD headwind.
Buyback 41% deployed with ~1.1% EPS accretion locked in; asset recycling 75% complete; Nxera on track to double EBITDA by FY28; all capital targets on schedule.
Maintain BULLISH, TP S$4.91 (SOTP, 10% holdco discount); estimates unchanged; 90% of SOTP compounding.


Singtel (ST SP) Q1FY27: Thesis Confirmed — Associates Beat, Buyback Biting, Nxera Ramping