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Business Times - 10 Nov 2011
Update: SingTel Q2 earnings disappoints
By LYNN KAN
Singapore Telecommunications' second quarter earnings disappointed as regional associates dragged the group's net profit for the quarter down 1.2 per cent to $882 million from $892 million last year.
Pre-tax earnings at its regional associates fell 12 per cent to $471 million as major regional currencies like the Indian rupee and Indonesian rupiah slid between 5 and 9 per cent y-o-y against the Singapore dollar.
In constant currency terms, pre-tax profit would have been 6 per cent lower, said Singapore's largest telecommunications player.
As of 11am Singapore time, SingTel's counters fell three cents to $3.13.
Earnings per share for the group's second quarter eased to 5.53 cents from 5.56 cents in the year-ago period.
SingTel's topline for the July-September period however rose 3.9 per cent to $4.6 billion from $4.4 billion with strong performance across SingTel's Singapore, Australia and other overseas units.
SingTel declared an interim dividend of 6.8 centgs per share, a payout ratio of 62 per cent.
SingTel said it expects operating revenue in Singapore and Australia for the full-year ending Mar 31, 2012 to grow at a low single-digit level.
Consolidated revenue and EBITDA would be affected by exchange movements of the Australian Dollar, which has risen 4.9 per cent y-o-y against the Singapore Dollar. |
Business Times - 10 Nov 2011
Update: SingTel Q2 profit misses forecast
SINGAPORE - Singapore Telecommunications (SingTel), Southeast Asia's largest telecom firm, posted its sixth straight year-on-year decline in quarterly profit, hit by a smaller contribution from Indian associate Bharti Airtel.
SingTel's profit has faltered in recent quarters as its mobile phone associates in India, Indonesia, Thailand and the Philippines face maturing home markets and are no longer expanding rapidly. SingTel has a 32.3 per cent stake in Bharti.
The company reiterated its outlook for low single-digit operating-revenue growth in Singapore for the current financial year, and low single-digit operating-revenue and EBITDA growth in Australia, where it owns the second largest telecom firm Optus.
EBITDA, or earnings before interest, tax, depreciation and amortisation, from Singapore is expected to be stable.
'We continue to pursue growth opportunities in the multimedia as well as ICT (information, communications and technology) space and remain positive on the long-term prospects of mobile data services, particularly in the emerging markets,' SingTel Group CEO Chua Sock Koong said in a statement.
Barclays Capital said SingTel's below-consensus results were mainly due to lower-than-expected operating EBITDA at Singapore and Optus.
Shares in SingTel, which is 55 per cent owned by Singapore state investor Temasek Holdings , were down 0.6 per cent on Thursday. They have risen nearly 4 per cent so far this year, compared with a 10 per cent fall in the broader market .
The company said floods in Thailand have not affected operations at its Thai affiliate Advanced Info Service (AIS) .
'So far we have not seen much impact on customers and operations,' Hui Weng Cheong, SingTel's CEO for international operations, said at a media briefing.
On the contrary, there was an increase in usage in some telecom services at AIS because of the flooding, he said.
SingTel, the biggest company in Singapore by market value, earned S$882 million for the second quarter ended Sept 30, down from S$892 million a year ago.
The profit was below the average estimate of S$900 million of eight analysts surveyed by Reuters. Underlying profit was S$885 million, down 0.7 per cent from a year ago.
Revenue rose 3.9 per cent to S$4.6 billion as the total number of subscribers, including at associates, grew around 15 per cent to 424 million.
The company kept its interim dividend unchanged from the previous year at 6.8 Singapore cents a share.
Bharti impact
Bharti, India's top mobile phone operator, was the biggest drag on SingTel's earnings. The Indian firm's contribution of S$131 million in pretax profit represented a drop of 37 per cent from a year ago. The contribution fell 43 per cent after tax.
Bharti last week reported a bigger-than-expected 38 per cent fall in second-quarter net profit due to higher interest costs, foreign-exchange losses and weak performance in Africa.
SingTel said Bharti's African operations suffered fair-value losses from the revaluation of dollar-denominated liabilities following a sharp depreciation of several African currencies during the three months ended September.
However, Bharti has completed IT, network and business process outsourcing in Africa and cost efficiencies are expected to materialise gradually in coming quarters, it said. -- REUTERS |
Business Times - 10 Nov 2011
Update: SingTel's Q2 net profit missed f'cast, Bharti drags
SINGAPORE - Singapore Telecommunications (SingTel) on Thursday posted its sixth straight year-on-year decline in quarterly profit, hit by smaller contributions from Indian associate Bharti Airtel.
SingTel, Southeast Asia's largest telecom firm, also reiterated its guidance for low single-digit operating revenue growth in Singapore for the current financial year, and low single-digit operating revenue and EBITA growth in Australia where it owns the second largest telecom firm Optus.
EBITA or earnings before interest, tax, depreciation, and amortisation, from Singapore is expected to be stable.
'We continue to pursue growth opportunities in the multimedia as well as ICT (information, communications and technology) space and remain positive on the long-term prospects of mobile data services, particularly in the emerging markets,' SingTel's Group Chief Executive Chua Sock Koong said in a statement.
The biggest firm in Singapore by stock market capitalisation earned S$882 million for its fiscal second quarter ended Sept 30, down from S$892 million a year ago.
The profit was below the average estimate of S$900 million of eight analysts surveyed by Reuters.
Underlying net profit was S$885 million, down 0.7 per cent from a year ago.
Bharti, India's biggest mobile phone operator, provided the biggest drag on earnings, contributing S$131 million in pretax profit - a drop of 37 per cent from a year ago.
The Indian firm last week reported a bigger-than-expected 38 per cent fall in its second quarter net profit due to higher interest costs, foreign exchange losses and another weak performance in Africa.
SingTel's revenue for the quarter climbed 3.9 per cent to S$4.6 billion as the total number of subscribers, including associates, grew by around 15 per cent to 424 million.
SingTel's growth has faltered in recent quarters due to slower growth as its mobile phone associates in India, Indonesia and Thailand face maturing home markets and are no longer expanding as quickly.
Shares in SingTel, which is 55 per cent owned by Singapore state investor Temasek Holdings, have risen by 3.6 per cent so far this year, outperforming the 10 per cent fall in the broader Singapore market. -- REUTERS |
" Starhub have show that
- they are payout out that 20cts
- they are increasing their cash holdings
- they are reducing their debts
now lets see for the next 5 years what happens."
not sure when Starhub will issue bonus share.......just my uneducated guess.
My take of Singtel is here > >
http://www.investmentmoats.com/money-management/high-yield-investing-money-management/singtel-declares-dividend-yield-of-8-2-sustainable/ the difference bet Singtel and Starhub is that Singtel is still focus on expansion, but their expansion plans have not been contributing well. Starhub is not focus on that but they are still competitive locally.
by default EPS would likely be less than free cash flow. free cash flow includes depreciation which essentially is paid upfront and not exactly result in a cash outflow from the company. so it is around to pay dividends.
typically we cannot just add this in and be done with it because these assets will depreciate. but the thing about tech sector is the cost of replacing these assets are cheaper nowadays with cost compettive equipments from Huawei.
Starhub have show that
- they are payout out that 20cts
- they are increasing their cash holdings
- they are reducing their debts
now lets see for the next 5 years what happens.
guess u dont really know what is meany by sustainable....how could u pay a div amt which is greater than what u hv earned from the past quarter or yr?? yes, it got a huge pile of cash, but the cash wont be there all the times if div is distributed all the way like this (div > eps)....
humblepie ( Date: 12-May-2011 21:45) Posted:
why do you say starhub unsustainable? their free cash flow is much more than their dividend payout
des_khor ( Date: 11-Nov-2010 14:31) Posted:
| Good news to Singtel shareholders as the conpany earn more than 20 cents and dividend payout just below 20 cents....this one confirm can sustain.....unlikely Starhub... |
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why do you say starhub unsustainable? their free cash flow is much more than their dividend payout
des_khor ( Date: 11-Nov-2010 14:31) Posted:
| Good news to Singtel shareholders as the conpany earn more than 20 cents and dividend payout just below 20 cents....this one confirm can sustain.....unlikely Starhub... |
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SingTel Earnings, Dividends
SingTel net profits for the year ended March 31 were down slightly to $3.83 billion, on the back of revenues of $18.1 billion, due to lower earnings from its regional associates.
More than three-quarters of SingTel’s earnings come its stakes in foreign telcos like Australia’s Optus, India’s Bharti AirTel and Indonesia’s Telkomsel. SingTel will pay out a record dividend payout this year of 25.8 cents.
Singapore Telecommunications Limited (SingTel) is engaged in operation and provision of telecommunication systems and services, and investment holding.
The Company operates in three segments: Singapore, which represents the services and products provided by SingTel and its subsidiaries excluding SingTel Optus Pty Limited (Optus) Australia, which represents the services and products provided by Optus Associates & Joint Ventures (Assoc & JV), which represents its investments in associated and joint venture companies, which mainly comprise Advanced Info Service Public Company Limited (AIS) in Thailand, Bharti in India, Globe Telecom, Inc. (Globe) in the Philippines, and PT Telekomunikasi Selular (Telkomsel) in Indonesia.
The main services and products provided by both Singapore and Australia are mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television.
SingTel 4Q profit falls 2.3%, plans special dividend | WRITTEN BY BLOOMBERG |
| THURSDAY, 12 MAY 2011 08:22 |
Singapore Telecommunications, Southeast Asia’s biggest phone company, said fourth-quarter profit fell 2.3% on lower contributions from its partner in India.Net income dropped to $991.7 million, or 6.2 cents a share, in the three months ended March from $1.02 billion, or 6.4 cents, a year earlier, SingTel said in a statement today. That compares with the $988 million average of five analyst estimates compiled by Bloomberg.
Shareholders will get a special dividend of 10 cents a share, in addition to the final payout of 9 cents per unit, as the company returns $4.1 billion to investors this year. Profit at Bharti Airtel, part-owned by SingTel, fell a worse-than-expected 31% in the quarter as higher network costs eroded margins as Singapore revenue growth slowed.
“While the Singapore mobile market appears to be slowing, competition remains rational,” Christian Guerra, an analyst at Goldman Sachs & Partners Australia Pty, said in a May 10 report.
SingTel shares closed yesterday at $3.14 and have gained 3% this year compared with a 0.4% decline in the benchmark Straits Times Index.
Earnings before interest, taxes, depreciation and amortization in Singapore fell 5% to $551 million in the fourth quarter on content costs for its mio internet protocol television service. Revenue in Singapore rose 1% in the quarter, compared to the 13% pace of the year earlier.
In the 12 months ending March 2012, SingTel expects its Singapore earnings “to be stable.”
SingTel’s Optus unit, the second-largest phone company in Australia, is winning mobile customers amid service disruptions at third-ranked Vodafone Hutchison Australia. Income at Sydney- based Optus rose 10 percent to A$672 million ($890 million) after adding 151,000 postpaid customers in its mobile phone unit.
SingTel, which owns stakes in operators across more than 10 counties, yesterday said it has 402.5 million mobile phone customers, a 37% increase on the year earlier.
Good news to Singtel shareholders as the conpany earn more than 20 cents and dividend payout just below 20 cents....this one confirm can sustain.....unlikely Starhub...
Singapore Stocks-SingTel up on dividend plan; 3,320 STI cap eyed By Charmian KokSINGAPORE, Nov 11 (Reuters) - Singapore shares rose 0.4 percent on Thursday, tracking gains across Asian bourses and lifted by heavyweight Singapore Telecommunications after it said it would raise its dividend payout.
By the midday break, the Straits Times Index (STI) <.FTSTI> was up 12 points at 3,301.29. Total market volume was 1.05 billion shares.
"Valuations for Singapore stocks don't look awfully expensive and there are a few things going for the market," said Terence Wong, the co-head of research at DMG & Partners.
He said he expects the STI to extend its gains through the rest of the year, helped by expected capital inflows after the U.S. Federal Reserve announced a second round of quantitative easing measures.
"The markets are awash with liquidity and third quarter corporate results haven't been too shabby, with a few clear outperformers."
The STI is expected to trade in a 3,280-3,320 band in the afternoon, with limited upside for the rest of the day as it nears its year-high of 3,313.61 hit on Monday.
SingTel, Southeast Asia's largest telecoms firm, rose 1.9 percent despite posting weaker-than-expected July-September earnings, as its plan to raise its dividend payout ratio lifted investor confidence. [ID:nSGE6A80EA]
By the lunchbreak, SingTel was trading at S$3.31 with over 16.9 million shares changing hands.
However, the world's largest listed palm oil firm, Wilmar International , underperformed the broader index, falling 3.2 percent after several brokerages downgraded their ratings on the firm due to its weak third quarter earnings.
Both OCBC Investment Research and Phillip Securities downgraded Wilmar to "hold" from "buy", citing lower-than-expected third quarter earnings and weak margins. (Reporting by Charmian Kok; Editing by Kim Coghill)
SingTel 2Q net profit down 6.7%; below forecast| WRITTEN BY THOMSON REUTERS |
| THURSDAY, 11 NOVEMBER 2010 08:42 |
Singapore Telecommunications (STEL.SI), Southeast Asia’s largest telecoms firm, reported lower-than-expected quarterly profit, partly due to the cost of acquisitions by its Indian ally.
The company, 55% owned by Singapore state investor Temasek Holdings (TEM.UL), said earnings were hit by costs from Bharti Airtel’s (BRTI.BO) acquisition of the African telecom assets of Kuwaiti group Zain (ZAIN.KW) in June and investments in multimedia services in Singapore.
Singtel owns 32% of Bharti.
With a domestic market of just 5 million people and mobile phone penetration of over 100 percent, SingTel has bought stakes in mobile operators in high-growth Asian countries such as India and Indonesia to boost its earnings.
At home, analysts say the introduction of a next generation high-speed nationwide internet broadband network could provide more challenges for the company, especially in the corporate market.
Smaller rivals including StarHub (STAR.SI) and MobileOne (MONE.SI) are trying to take a bigger share of the corporate market.
Singtel said operating revenue in both the Singapore and Australia divisions would grow in the mid-single digit level over the full 2010-11 fiscal year, but Bharti’s acquisition costs and fluctuations in the Australian and Singapore dollar could hit earnings.
Concerns about SingTel’s profit margins have weighed on the company’s shares, which have risen by only 6% since the start of the year, underperforming the 14% rise in the benchmark Singapore index <.FTSTI>.
SingTel, the biggest company on the Singapore Exchange with a market value of US$41 billion ($52.8 billion), earned $892 million in the fiscal second quarter ended September, down from $956 million a year ago. The net profit lagged estimates by four analysts who had predicted quarterly profit of $960.5 million on average.
Revenue climbed 8.1% to $4.43 billion.
Besides Bharti, Singtel controls 100% of Optus, the second largest telecom firm in Australia, and stakes in five other mobile operators including Indonesia’s Telekomunikasi Selular and Thailand’s Advanced Info Service (ADVA.BK).
It is one of my core holding and slow but sure appreciation counter in the long run.
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Published February 10, 2010 
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SingTel scores a sizzler, with mio TV base up 23%
By WINSTON CHAI
(SINGAPORE) A passion for football and a good bargain appear to have cooled the controversy over hardware compatibility and content exclusivity, with Singapore Telecommunications registering sizzling growth in its pay TV subscribers.
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| Ready for takeoff: The 23% increase is SingTel's biggest quarterly gain since the inception of the Internet-based TV service in 2008 and early proof that the pricey league could indeed be the game-changer for the business |
Singapore's largest telco added 29,000 new mio TV customers for the three months ended Dec 31, the same quarter it outbid rival StarHub to score the exclusive right to broadcast the 2010 to 2013 seasons of the Barclays Premier League (BPL).
The 23 per cent increase is the biggest quarterly gain it has recorded since the inception of the Internet- based television service in 2008 and early proof that the pricey league could indeed be the game-changer for the firm's fledgling pay television business.
The recent customer boom lifted SingTel's pay TV base to a sizeable 155,000 at the end of December, and the numbers are expected to swell further in the coming months. StarHub, however, still has a sizeable lead with a cable TV customer tally of 539,000.
Still, year-on-year, total mio TV subscribers have grown by 163 per cent.
'The minute the (current BPL) season ends, we expect our (mio TV) installation rate to increase yet again,' said SingTel Singapore CEO Allen Lew, without providing projections.
All this has taken place despite the stormy exchanges in online forums and newspapers since SingTel's BPL coup last October.
It sparked a heated debate over the thorny issue of content exclusivity and the hassle of requiring separate set-tops for programmes from different pay TV operators.
StarHub added fuel to the fire with its failed offer to carry SingTel's sports programming on its cable television platform, while government agencies said that they were looking into the longer-term possibility of having a unifying set-top.
To further stoke the fire, some customers who recently signed up for SingTel's mio TV packages complained of lengthy waiting times and technical glitches, which the company had attributed to the manpower strain from the surge in installation requests.
'We have increased the number of installers that we have at our disposal to cope with the demand. And we are preparing them to cope with an even bigger influx (of customers) that we expect to come in the June to July timeframe,' Mr Lew said.
To draw subscribers to its camp, the company is currently dangling an early-bird promotion which includes access to all 380 matches in the upcoming BPL season, as well as UEFA Champions League and Europa League ties, for $23 a month. Customers can pay $2 more for additional channels from ESPN Star Sports.
StarHub customers currently pay $25 a month for its sports group on top of a basic subscription, which starts from around $25.
In addition, SingTel customers can be assured that the installation crew will only fix up the mio TV hardware when they are at home to oversee the process, Mr Lew said.
'After every single installation, our manager will call the homeowner. It's not just a random sample check, it's a 100 per cent check,' he told BT at the sidelines of the firm's third-quarter results briefing.
SingTel yesterday posted a third consecutive quarter of bottomline improvement with a 24 per cent jump in Q3 net profit to $991 million.
Underlying earnings per share for the three months ended Dec 31 climbed 18.3 per cent to 6.22 cents, while operating revenue rose 20.2 per cent to $4.45 billion.
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Published February 10, 2010
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SingTel profit jumps 24% in Q3
Telco benefited from stronger Aussie dollar and rebound in Telkomsel earnings
By WINSTON CHAI
SINGAPORE Telecommunications makes it a hat-trick with its net profit rising for the third straight quarter on the back of yet another strong overseas performance.
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| Ms Chua: 'No decision has been made on selling or listing Optus' |
South-east Asia's largest telco yesterday reported a 24 per cent jump in net income for its fiscal third quarter to $991 million, up from $799 million last year.
Earnings per share for the three months ended Dec 31, 2009, climbed 23.9 per cent to 6.22 cents, while operating revenue rose 20.2 per cent to $4.45 billion.
SingTel, which derives 73 per cent of its Ebitda - earnings before interest, tax, depreciation and amortisation - from overseas, benefited from the appreciation of the Australian dollar and a rebound in Indonesia associate Telkomsel's earnings during the quarter.
Pre-tax profit contributions from the group's six regional affiliates - Bharti Airtel, Telkomsel, Globe, AIS, Warid and PBTL - grew 21.3 per cent to $560 million during the quarter.
Star performer Telkomsel grew its contributions by 53.1 per cent to $238 million in Q3 following the ceasefire in the price war between Indonesian telcos.
Bharti Airtel, SingTel's largest overseas associate, was next in line with its share of profits rising 4.6 per cent year-on-year to $235 million.
At the start of the quarter, Bharti failed in its second attempt to merge with South African telco, MTN Group. However, it pressed ahead with plans for overseas diversification by snapping up a 70 per cent stake in Sri Lankan operator Warid for US$300 million last month.
SingTel was initially mulling a top-up in Bharti as its stake in the Indian telco would have been diluted through the MTN union.
'We work as strategic partners to our various associates and we would discuss with them whether it made sense for us to go on our own or to work with the associates (for overseas acquisitions),' SingTel group chief executive Chua Sock Koong told reporters at its result briefing.
'In some cases (such as the Bharti-MTN deal), it made sense for the associate to be leading the transaction,' she said. 'Our focus remains on Asia. We are also looking at some adjacent markets, including Africa and the Middle East.'
Profit contributions from Globe in the Philippines and AIS in Thailand fell 5.7 per cent and 12.2 per cent in the third quarter to $54 million and $52 million respectively.
SingTel's remaining associates - Pakistani operator Warid and PBTL in Bangladesh - continue to be in the red with losses of $15 million and $4 million.
Profits from SingTel's Australian unit Optus soared 47.4 per cent to $210 million in Q3 due to the strengthening of the Australian dollar.
The Aussie dollar's appreciation and Optus' strong performance in recent quarters again triggered speculation that SingTel could be looking to cash out by selling off a partial stake in the subsidiary.
'No decision has been made on selling or listing Optus. Optus continues to generate healthy cash flows and it is a significant contributor to SingTel's overall financial performance,' Ms Chua stressed.
The group's Singapore operations registered a 6.5 per cent rise in net profit to $343 million due to tighter cost control measures.
Revenue from its local telecommunications business grew 1.8 per cent to $1.2 billion during the quarter, while sales from its IT and engineering arm edged up marginally by 0.6 per cent to $363 million.
In the previous corresponding period, the company's IT and engineering revenue included the results of Singapore Computer Systems (SCS) for the four-month period of September to December 2008. Wholly owned SCS was acquired in September 2008.
Excluding SCS' revenue for September 2008 in the last corresponding quarter, IT and engineering revenue rose 13 per cent year on year.
For the first nine months of this financial year, SingTel's group net profit grew 13.6 per cent to $2.9 billion on the back of a 9.1 per cent increase in sales to $12.4 billion.
Looking ahead to the full year, SingTel has reaffirmed its guidance of growing its Ebitda in Singapore and Australia at the single-digit level. It also expects pre-tax earnings from Bharti and Telkomsel to rise in local currency terms.
SingTel shares closed eight cents higher at $3.03 yesterday.
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