Paul Chew, an analyst from Phillip Securities, maintained the Buy rating on Singtel. The associated price target remains the same with S$5.35.
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Paul Chew has given his Buy rating due to a combination of factors, including resilient overall results and strong contributions from regional associates that more than offset domestic softness. Earnings from key associates such as Advanced Info and Airtel are expanding rapidly, supporting double‑digit profit growth even after accounting for currency headwinds in India and Indonesia.
In addition, Singtel is confirming its guidance of solid EBIT growth, cost savings of S$200mn, and robust dividend inflows from associates, which underpin earnings visibility. While Singapore mobile remains the weakest segment amid intense competition and softer roaming, the ongoing mobile price recovery across major markets and an upcoming boost from data‑centre expansion, especially via STT GDC and the Tuas facility, provide meaningful medium‑term upside to cash flow and valuation.
In another report released on February 13, UOB Kay Hian also maintained a Buy rating on the stock with a S$5.50 price target.