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Singtel Bullish???
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stockhunter123
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22-May-2018 17:21
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3 ' buys' for Singtel on dividend recalibration SINGAPORE (May 18): RHB Research, CGS-CIMB Securities and OCBC Research are maintaining their &ldquo buy&rdquo calls on Singapore Telecommunications with the exception of Maybank Kim Eng which has a &ldquo hold&rdquo on the telco. RHB says Singtel is still its preferred Singapore telco. The research house believes the guidance of absolute payout of $0.175 DPS for FY19-20 is &ldquo assuring&rdquo as it provides certainty to investors on the sustainability of the payout and safeguards against further earnings headwinds from its regional mobile associates. &ldquo For FY18, dividend payout of 81% was the highest since FY11,&rdquo says RHB, noting that capex for FY19 is guided to decline to $2.2 billion from $2.4 billion in FY18 which provides headroom for potential M& As in the medium term. To recap, Singtel&rsquo s FY18 operating revenue grew 4.9% to $17.5 billion, largely driven by the Australia Consumer and Group Digital Life segments. FY18 EBITDA grew by a lower 1.8% to $5.09 billion. However, share of associates&rsquo pre-tax profits fell 14.7% to $2.46 billion. In addition to adverse currency movements, OCBC says associates&rsquo contributions were impacted by Airtel due to steep cut in mobile termination rates and disruptive price competition in India, reduced stake in NetLink NBN Trust and Telkomsel on heightened price competition in Indonesia coupled with higher operating costs. Still, analyst Eugene Chua remains positive on Singtel&rsquo s longer-term outlook for its growing exposure in digital-related businesses, and entrenched position in the regional mobile markets. OCBC is lowering Singtel&rsquo s fair value to $4.10 as it factors in Singtel&rsquo s guidance and for further dilution of enterprise-blended margin as ICT sales mix grows. CGS-CIMB has a 3% lower SOP-based target price of $3.90 after factoring in its earnings cut, lower fair values for Bharti, Telkomsel and Globe, and lower FY19-21 capex, in line with Singtel&rsquo s guidance. Analyst Foong Choong Chen says the research house is cutting FY19-20F core EPS by 3.6-5.3% to factor in lower Singapore EBITDA, lower Bharti contribution and weaker Rupee and Rupiah. Maybank is maintaining its &ldquo hold&rdquo given a lack of catalysts. In FY18, core EPS was 4% and 2% short of Factset consensus and Maybank&rsquo s estimates, as a strong Singdollar and soft associate income offset cost efficiency. &ldquo We revise FY19/20E core EPS by +1%/-5%, which reduces our SOTP target price to $3.57,&rdquo says analyst Luis Hilado. According to him, Singtel is dealing with pressure on several fronts, instituting cost controls and a revised payout policy which are meant to reassure investors of the company&rsquo s cashflow and balance-sheet strength. &ldquo These are wise moves,&rdquo says analyst Hilado, &ldquo A worsening or resolution of the competitive environment in its major markets is the main risk or potential source of upside.&rdquo As at 10.54am, shares in Singtel are down 3 cents at $3.41 or 14.8 times FY18 recurring earnings forecast by RHB. |
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SuperLuckyCorn
Supreme |
22-May-2018 09:57
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yes. it may not be the best price. Let' s see how we can back that up.
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investshare
Supreme |
22-May-2018 09:56
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My point is buyback price does not necessarily mean right price.
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stockhunter123
Member |
21-May-2018 20:00
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And few months ago (Feb) they bought back 3.37. Maybe last year $4 they didn&rsquo t expect Bharti and Telkomsel to have reduced earnings? Hard to say, but outlook might improve in next few months/years
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stockhunter123
Member |
21-May-2018 19:53
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Will make dividend run before XD lah
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investshare
Supreme |
21-May-2018 19:17
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But last year they bought back at $4.
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daxdax18
Member |
21-May-2018 19:16
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price will chiong as XD coming? Shouldn' t the price drop on XD?
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stockhunter123
Member |
21-May-2018 18:34
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SingTel bought back 300k shares recently. Price will also Chiong as xd coming soon in July. Boat sailing soon | ||||
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tanweiming_
Member |
17-May-2018 22:11
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Competition in India and Indonesia is temporary. Management is giving us hint that Singtel profit will increase after 2021 as they will yield their digital transformation.
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guards80
Supreme |
17-May-2018 20:02
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Dont know when can hit 3dollar?.
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TSSRAYMOND
Member |
17-May-2018 18:29
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Thank you. Siwomp
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investshare
Supreme |
17-May-2018 17:35
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On second thought, they commit 2 year dividend reflect their confidence in spite of the 4th telco.
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Siwomp
Supreme |
17-May-2018 16:04
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https://www.singtel.com/about-us/investor-relations/financial-results
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Siwomp
Supreme |
17-May-2018 16:03
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If all else fail, can always divest their India and Indonesia Telcom stakes for the $Billions. | ||||
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Siwomp
Supreme |
17-May-2018 15:54
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after that, things should clear up on India and Indonesia side and price should have stabilized. The 4th telco impact in Singapore will also be clearer and price would have also stabilized or maybe, back to a 3 telco scenario in Singapore. Their biz transformation would have yield positive returns by then as well.
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investshare
Supreme |
17-May-2018 15:41
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After that drop?
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qtrinity
Senior |
17-May-2018 15:38
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Singtel said: " Barring unforeseen circumstances, the group expects to maintain its ordinary dividends of 17.5 Singapore cents per share for the next two financial years and thereafter, will revert to the payout of between 60 per cent and 75 per cent of underlying net profit." https://www.businesstimes.com.sg/companies-markets/singtel-q4-profit-shrinks-19-to-s781m-on-forex-effects-lower-associates
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TSSRAYMOND
Member |
17-May-2018 15:05
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Where can I see The 17.5 cents dividend for FY 2019 & FY 2020?
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SuperLuckyCorn
Supreme |
17-May-2018 14:22
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yes. Still better than many,
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Siwomp
Supreme |
17-May-2018 13:44
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IMO, Singtel is in good hands. They are undergoing a transformation to keep up with the time. The 17.5cents dividend for FY2019 and FY2020 is to give clarity to dividend investor. (good move by Singtel). Post 2020, I expect the price war in India to cool off with Reliance Jio Infocomm (no. 3 telco with 15% market shares) forced to stop the nonsense and focus on profitability by impatient Investors or by then satisfied with their larger market share. The telco market in India by then will also be down to fewer players, hence, ripe for price stabilization and increases. DYODD | ||||
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