SingTel expects to boost its capex spending to $2.5b

For LTE coverage expansion.

According to OCBC, SingTel saw its 4QFY13 revenue slipping 6% YoY and 3% QoQ to S$4.48b, weighed down by the weaker A$.

Full-year revenue fell 3% to S$18.18b, and was 3% shy of forecast. Reported net profit for 4Q came in at S$868.2m, down 33% YoY but up 5% QoQ; core earnings slipped 2% YoY and rose 15% QoQ to S$1.0b.

Here's more from OCBC:

Core FY13 earnings eased 1.8% to S$3.61b, or about 4% below our forecast. SingTel has declared a final dividend of S$0.10/share, bringing the full-year payout to S$0.168 (74% of underlying net profit).

Going forward, SingTel expects group consolidated revenue to remain stable. For Group Consumer, it expects revenue to show a low singledigit decline, with lower revenue from Australia; but EBITDA to show a low single-digit rise.

Group Enterprise revenue is expected to deliver low single-digit growth, with EBITDA to remain stable.

For Group Digital Life, revenue could jump by at least 50%, but it will continue to register startup losses. Overall EBITDA for the group should show low single-digit growth, led by productivity and yield management.

SingTel expects to increase capex spending to S$2.5b (from S$2.1b in FY13), mainly for expansion of its LTE coverage and 3G network enhancement. FCF (free cashflow) is likely to come in at around S$2.0b; it also expects ordinary dividends from associates to grow.

Finally, it has raised the dividend payout ratio to 60-75% (from 55-70% previously).

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