Singtel

Singtel: Net profit slightly under consensus. 3Q rev at $4.8b +2.7%yoy +4.8% qoq with net profit at $903m -9.5% yoy +2.5% qoq. EBITDA at approx $1.3b -2.2% yoy +0.5% qoq. Of note EBITDA margins fell slightly from 27.1% prev quarter to 26.0% this quarter. Revenue from both Sg and Australia ops grew 4.4% and 1.5% respectively attributed to increased customer connections and a stronger Australia dollar.

For Sg, mobile comms rev rose 6% and a total of 3.6m customer base was achieved with current mkt share of 45.8%

However Bharti’s India operations and weaker regional currencies to SGD impacted associate contributions, -8.3% yoy. A net loss from NetLink Trust also negatively impacted results.

Co recorded 9M EPS of 16.95c, with annualized P/E of 13.6x