SingTel revenues to deteriorate on almost all fronts

Single-digit declines forecasted for major segments.

Here's more from OCBC:

2Q13 results mostly in line. SingTel reported its 2QFY13 revenue easing 0.8% YoY (but +0.9% QoQ) to S$4572.0m, underpinned by strong operating performance from Singapore and its regional mobile associates despite the impact of weaker regional currencies. Reported net profit fell 1.6% YoY and 8.2% QoQ to S$867.7m, while underlying net profit rose 0.1% YoY and 4.2% QoQ to S$886.0m. 1H13 revenue fell 1.2% to S$9105.0m, meeting 48% of our FY13 forecast, while core earnings eased 1.3% to S$1736.0m, or 45% of estimate. SingTel has also declared an interim dividend of S$0.068/share, or a payout of 62% of underlying earnings.

Guiding for revenue decline in FY13. Going forward, SingTel now expects consolidated revenue to see single-digit decline (versus growth previously), with EBITDA remaining stable. Citing increased competition in Australia, SingTel is also guiding for Australia’s revenue to decline by mid single-digit this FY, versus single-digit growth previously, although management still expects EBITDA to remain stable. Other deteriorations in outlook include guiding for Group Consumer and Group Mobile revenues to decline by mid-single digit level (versus low single-digit growth
previously). Nevertheless, it has kept its free cashflow guidance to remain around S$2.6b; capex for Singapore to be around S$950m and Australia around A$1.1b. Lastly, it continues to expect ordinary dividends from its regional mobile associates to grow.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia