One involves the new telco.
After an uneventful quarter for Singtel, it will could potentially face two major catalysts this year.
According to Maybank KimEng, a potential negative catalyst will be the General Spectrum Auction, as the new telco TPG could certainly raise the level of market competition.
"We have currently assumed spectrum payouts of $135m for Singtel and $105m each for M1 and StarHub," the firm said.
On the flip side, a government-mandated IPO for NetLink Trust by April 2018 could potentially boost an upside for Singtel, as this could mean potential capital returns to shareholders.
However, it is still early to call, Maybank said, as the IPO process have just gotten underway.
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