Singtel's widening of its asset-recycling program will help cushion any impact of higher spending on returns, S&P Global Ratings analysts write in a report.

Singtel has a strong record in executing asset monetization, and with its new share buyback program, total shareholder returns will likely reach an estimated S$3.4 billion-S$3.6 billion annually for fiscal years 2026 and 2027, up from S$2.8 billion in fiscal year 2025 ending March, they write.

Spending should remain high in areas like data centers and artificial intelligence, they add.

Such asset monetization from noncore assets or minority stakes in associates don't affect Singtel's competitiveness, S&P says.