SingTel delivers few catalysts for upside

More of the same story from previous results, with a stronger Sing dollar and Australian weakness putting pressure on the overall results.

SGX Centre
Source: Bloomberg

The positives came from strong domestic performance, particularly growth in home revenue (+11%) and mobile (+2%).

Household ARPU was up 13% to $61, partly boosted by the World Cup. SingTel’s mobile share also rose slightly to 48%.

Based on the latest numbers, we see few catalysts and any further upside on stock price to be capped until we get more exciting metrics.

Key findings:

  1. Stronger SGD erodes overseas profits
  2. Australian unit Optus posts weak metrics
  3. Singapore revenue on uptrend

View an exclusive break-down of the results (PDF, 427KB), by Ryan Huang



Q1 Revenue










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