新加坡电信2月5日宣布，计划在巴西设立销售办公处，建立运营业务，以帮助跨国企业加速数字化转型 进程。 ...

观点网讯：2月3日，美国投资公司KKR与新加坡电信Singtel宣布，其联合体将以66亿新元（约合51亿美 元）向创始股东ST Telemedia收购新科电信媒体全球数据中心公司（STT GDC）剩余82%股权，企业价 值约138亿新元（约合109亿美元），包含现有杠杆债务及已承诺资本开支。 交易完成后，双方于2024年投入的17.5亿新元可赎回优先股将悉数转为普通股，KKR持股升至75%， Singtel持股25%。STT GDC成立于2014年，总部设在新加坡，是亚洲最大数据中心运营商之一，在印 度、韩国、日本、马来西亚、英国等地运营超100座数据中心，设计容量逾2.3GW。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Singapore Telecommunications Limited (SGX: Z74), or Singtel, has long given the impression of being a stable, albeit boring, blue-chip company that provides steady dividend income. At least, that’s how I’ve viewed the company for the longest time.However, the group’s recent transformative initiatives may finally be bearing fruit; its latest half-year results for the period ended 30 September 2025 (1HFY2026) provide supportive evidence.In this article, let’s take a deeper look at the group’s latest results — ...

Core Viewpoint - Singapore Telecommunications Limited (Singtel) announced that a fund managed by private equity firm KKR will invest SGD 1.1 billion in cash to acquire a 20% stake in Singtel's regional data center business, with the transaction expected to close in Q4 of this year [1] Group 1 - KKR has the option to increase its stake to 25% by 2027 based on a pre-agreed valuation [1] - This investment raises the enterprise value of Singtel's regional data center business to SGD 5.5 billion [1] - The transaction is not expected to have a material impact on Singtel for the fiscal year ending March 31, 2024 [1] Group 2 - The funds will be used to accelerate the expansion of regional data center operations in ASEAN markets such as Singapore, Indonesia, and Thailand, while also exploring opportunities in other markets like Malaysia [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Singapore Telecommunications Limited (Singtel) has divested approximately 0.8% of its direct investment in Airtel, generating SGD 1.5 billion, which is part of its asset recycling strategy [1] - The sale is expected to yield profits of around SGD 1.1 billion, contributing to Singtel's mid-term asset recycling target of SGD 9 billion [7] Singtel's Strategy and Financial Management - Singtel is collaborating with Bharti Enterprises to balance its effective stake in Airtel while unlocking value and retaining a significant investment in the company [2] - The capital management program has amassed SGD 5.6 billion, exceeding half of the revised asset recycling target of SGD 9 billion [3] Progress and Future Plans - As of May 2025, Singtel has exceeded half of its original SGD 6 billion mid-term asset recycling target, which was later revised to SGD 9 billion [4] - The raised capital will support growth and provide capital returns through a value realization dividend and share buyback program [4] Investment in Airtel - Following the recent transaction, Singtel will retain a 27.5% stake in Airtel, valued at approximately SGD 51 billion, indicating continued commitment to India's digital economy [5][8]

Core Insights - Singapore telecom companies, including Singtel and Starhub, are transitioning from traditional telecom services to digital infrastructure and enterprise solutions as their growth in mobile and broadband has stagnated [1][3][14] Telecom Industry Overview - Mobile subscriptions in Singapore are projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2025, but average revenue per user (ARPU) has declined by 30% from 2018 to 2023 [2] - Despite the decline in ARPU, Singtel and Starhub are expected to invest a total of S$1.93 billion in capital expenditures for 5G [2] Singtel Financial Performance - In Q1 FY2026, Singtel's revenue remained stable at S$3.4 billion, with underlying net profit increasing by 14% year-on-year to S$686 million, driven by strong profit growth from regional businesses [5] - Singtel's capital expenditure plans include S$1.7 billion for core business and an additional S$0.8 billion for new initiatives by 2028 [7] - Singtel's recent core dividend of S$0.123 per share represents an 82% payout ratio and a dividend yield of approximately 2.9% [7] Starhub Financial Performance - Starhub's revenue for the first half of 2025 was stable at S$1.1 billion, but net profit dropped 42% year-on-year to S$47.9 million due to a one-time penalty [9][10] - Starhub's enterprise segment grew by 6.8% year-on-year, supported by strong cybersecurity services [10] - Starhub is guiding for a dividend of at least S$0.06 per share for 2025, with a current dividend yield of 5.2% [11] Challenges and Investment Considerations - The Singapore telecom industry faces intense competition, and 5G monetization is not expected to yield significant returns in the near term [12] - Singtel's capital expenditure is projected to be around 12% of total revenue, while Starhub's is expected to be 10% [12] - Singtel's current price-to-earnings (P/E) ratio is approximately 22 times, lower than its three-year average of 27.6 times, while Starhub's P/E is around 16.8 times compared to its three-year average of 17.2 times [13]

Core Viewpoint - The article emphasizes the importance of defensive stocks such as Singapore Exchange (SGX), Singapore Technologies Engineering (STE), and Singapore Telecommunications (Singtel) for income investors during periods of market volatility, highlighting their stable earnings and dividends [1][17]. Singapore Exchange (SGX) - SGX is the sole stock exchange operator in Singapore, benefiting from strong recurring income from derivatives and clearing services, and high trading volumes even in volatile markets [2]. - In FY2025, SGX reported its highest revenue and net profit since listing, with net revenue growing 11.7% year on year to S$1.3 billion, driven by growth in equities, currencies, and commodities [3][4]. - The Equities – Cash segment saw a nearly 19% increase in net revenue YoY, while Equities – Derivatives and FICC segments grew by 13.8% and 8.6% respectively [4]. - Total dividend for FY2025 rose by 8.7% YoY to S$0.375 per share, with plans to enhance dividends by S$0.0025 each quarter until FY2028 [5][6]. Singapore Technologies Engineering (STE) - STE's share price reached all-time highs in August 2025, with revenue in 1H2025 growing 7% YoY to S$5.9 billion and net profit increasing nearly 20% to S$403 million [7]. - The order book reached a new high of S$31.2 billion as of 30 June 2025, supported by S$9.1 billion in new contracts secured in the first half of 2025 [8][9]. - STE declared an interim dividend of S$0.08 per share for 1H2025, with plans for a total dividend of S$0.18 per share for 2025 and a new policy to pay out about one-third of year-on-year net profit increases as incremental dividends [10]. Singapore Telecommunications (Singtel) - Singtel's financial performance for FY2025 showed group revenue steady at S$14.15 billion, while underlying net profit rose 9.3% to S$2.47 billion [11]. - A significant one-time gain from the partial divestment of its Comcentre headquarters led to a net profit surge of over 400% to S$4.02 billion [12]. - Total capital expenditure is projected at S$2.5 billion for FY2026, with S$0.8 billion allocated for investments in data centers, AI, digitalization, and satellites [14]. - Singtel proposed a total ordinary dividend of S$0.17 per share for FY2025, a 13.3% increase from the previous year, and aims to pay out a core dividend of 70% to 90% of its underlying net profit [14][15].

Core Viewpoint - Shares of Singapore Telecommunications fell over 2% following a technical failure at its subsidiary Optus, which disrupted emergency call services for 13 hours and has been linked to four fatalities [1] Company Impact - The technical failure at Optus, Australia's second-largest telecom carrier, has raised significant concerns regarding service reliability and safety [1] - The incident has led to a direct impact on the stock performance of Singapore Telecommunications, indicating potential investor apprehension [1] Industry Context - The disruption of emergency services highlights vulnerabilities within the telecommunications sector, particularly in crisis management and operational resilience [1] - The incident may prompt regulatory scrutiny and calls for improved infrastructure and service protocols within the telecom industry [1]

Core Viewpoint - Singtel has experienced a significant increase in its share price in 2025, outperforming the Straits Times Index, raising questions about potential upside as an interest rate cut is anticipated [1] Financial Performance - In the first quarter of FY26, Singtel reported a 14% year-on-year increase in underlying net profit, driven by strong EBIT from Optus and NCS, along with higher contributions from regional associates Airtel and AIS [2] - The net profit reached nearly S$2.9 billion, largely due to S$2.2 billion in exceptional gains from the partial sale of its Airtel stake and the Intouch-Gulf Energy merger [3] Growth Drivers - Optus saw a 4% year-on-year revenue increase to approximately A$2 billion, with EBIT rising 36% year-on-year to A$133 million, attributed to higher mobile ARPU and effective cost control [4] - NCS's revenue increased by 4% year-on-year to S$733 million, with EBIT up 22% year-on-year, supported by stronger margins and a healthy project pipeline, securing S$0.7 billion in bookings in 1Q FY26 [4] - Airtel India's profit after tax more than doubled due to a mobile price increase, while AIS experienced strong growth in mobile and fixed broadband [5] Challenges - Domestic revenue in Singapore remained flat, with mobile service revenue declining by 11% year-on-year due to weakened roaming and voice services [6] - Optus continues to face challenges in reputation recovery following a data breach incident in 2022, and competition in the Australian telecom market remains intense [6] Valuation Concerns - Analysts suggest that Singtel's shares may be overvalued, with Morningstar estimating a fair value of S$3.67 per share, while the stock traded at S$4.39 per share recently, indicating a valuation close to 1.2 times its fair value [7] Dividend and Capital Management - Singtel has committed to a dividend payout ratio of 70% to 90% of its underlying net profit after tax, with plans to enhance payouts through a "value realisation dividend" [8] - The company has raised its asset recycling target to S$9 billion, allocating S$2 billion for share buybacks to enhance shareholder value [9] Investment Outlook - The bullish case for Singtel includes strong growth from associates, potential recovery of Optus, execution of NCS projects, active capital recycling, and a sustainable dividend payout [10] - However, the recent share price increase may indicate overstretched valuation, coupled with headwinds in the Singapore mobile business and ongoing risks associated with Optus [10]