Maybank Securities analyst Hussaini Saifee has reiterated his "buy" call on Singapore Telecommunications (Singtel) with a target price of $3.96, up from $3.72 previously. He cited the telco’s defensive characteristics amid tariffs and macro uncertainty along with safe haven flows as key tailwinds.

Despite intensifying competition in Singapore’s mobile consumer market from entrants like Simba, the impact on Singtel remains relatively muted. The segment accounts for just 12–13% of group revenue and contributes less than 5% to the telco’s sum-of-the-parts valuation.

Hussaini expects Singtel to post a 15% y-o-y earnings growth in 2HFY2025 when the company delivers its results in late May. The uplift will be driven by profit before tax (PBT) contributions from associates (up 18% y-o-y) alongside y-o-y ebit gains from Optus (up 53%) and NCS (up 44%). “Within associates, Bharti and AIS remain on solid footing and we expect 2H PBT contribution to rise 55% y-o-y and 29% y-o-y, respectively,” he notes.