In a report released yesterday, Paul Chew from Phillip Securities maintained a Buy rating on Singtel, with a price target of S$4.40.
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Paul Chew’s rating is based on a combination of factors that highlight Singtel’s strong performance and future potential. The company’s first-quarter results for 2026 were in line with expectations, with significant growth in underlying profit driven by impressive performances from its associates, particularly Bharti Airtel. Bharti’s net profit saw a remarkable increase, largely due to a substantial rise in average revenue per user in India, while Optus also reported a notable increase in earnings before interest and taxes, attributed to higher ARPU and cost efficiencies.
Despite challenges in the Singapore and Indonesian markets due to competitive pressures, Singtel’s asset monetization strategy is progressing well, with significant gains from recent sales and further opportunities identified in its stakes in Gulf Energy and Bharti Airtel. The company’s strategic initiatives, including the development of the Nxera Tuas data center and regional expansion of NCS operations, are expected to sustain earnings growth. These factors, combined with the company’s ongoing efforts to recycle assets and realize value, support the Buy rating with a target price of S$4.40.
In another report released yesterday, UOB Kay Hian also maintained a Buy rating on the stock with a S$4.58 price target.
SNGNF’s price has also changed moderately for the past six months – from $2.560 to $3.085, which is a 20.51% increase.