Singtel is on track to continue to drive shareholder returns, UOB Kay Hian analysts write in a note.
Singtel's S$10 billion value-unlocking initiatives, including paring down stakes in regional associates and non-core fixed assets, have progressed steadily, and should now have S$12 billion-S$13 billion in monetizable assets that could be returned to shareholders, they estimate.
Singtel's return on invested capital continues to improve, driven by improved profitability from its core businesses, improved operational performance and strong revenue growth from its tech services and data center businesses, they add.
The analysts predict Singtel to post higher revenue and underlying net profit for 3Q, driven by increased contributions from its Australian subsidiary, Optus. UOB KH retains a buy rating with a target price of S$3.58.
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