$Singtel(Z74.SG)
SingTel has released its 1Q results with reported net profit down 72% yesterday (13 Aug 2026).
The heading looks scary but if you into details the sharp drop is almost entirely because last year included S$2.2 billion in one‑off exceptional gains.
Excluding those, underlying net profit actually rose 21% year‑on‑year to S$831 million, beating market expectations.
Operating performance was solid across most regions:
• 🌏 Regional associates: earnings up 16.1% to S$543 million, led by Bharti Airtel and AIS
• 🇦🇺 Optus: operating earnings up 14% to A$152 million
• 💻 NCS: operating earnings jumped 29% to S$102 million
• 🏢 Digital InfraCo: earnings up 10%
The main weak spot is SingTel’s Singapore business, where revenue fell 3.1% amid intense competition and lower mobile ARPU.
SingTel’s overseas track record is mixed — big wins in Airtel, Telkomsel, AIS and Globe, but costly missteps with Optus, Amobee and HOOQ.
The real question is whether today’s portfolio generates enough recurring earnings to justify the risks and valuation.
On the evidence of these results, the answer looks increasingly positive.
Read the infographic for a full breakdown of SingTel’s past investments, value creation, impairments and capital recycling.
It is amazing. Those investment are not white elephants and heavy burden to SingTel as compare to SIA’s overseas investment. They do contribute significantly to SingTel.
Not for financial advice. Do your own DD if you want to invest in SingTel 😉.
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