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) Q1FY27: Thesis Confirmed — Associates Beat, Buyback Biting, Nxera Ramping

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