SingTel eyes injecting $2b into digital business in next 3 years

Some big plans are underway.

According to DBS Vickers, SingTel's Singapore’s underlying profit declined 5% y-o-y to S$282m due to S$41m start up loss from its new digital business (versus S$13m loss in 3Q13).

Associate’s underlying profit of S$387m was up 5% y-o-y but below our expectations as the Indian Rupee and the Indonesia Rupiah declined 11% and 9% y-o-y
against Singapore Dollar respectively.

Here's more from DBS Vickers:

Meanwhile, strong earnings from Telkomosel, AIS and Globe offset Bharti’s weakness.

Guidance for stable FY14F EBIT guidance is 5% below consensus. Management guided for stable group revenue and low-single digit growth in EBITDA in FY14F.

However, it guided for stable EBIT (excluding associates) due to higher depreciation and amortisation.

Guidance is for capex to rise to S$2.5bn in FY14F (versus ~S$2bn in FY13), with expansion of LTE coverage and 3G network enhancements. SingTel also targets to invest S$2bn into the digital business over the next 3 years.

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