Singapore Telecommunications Ltd

Z74: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 3.60	Qzfnzl	Hsslgxg

Singtel’s Associates Show Some Positive Signs Despite Unhelpful AUD Weakness; FVE Down to SGD 2.62

Dan Baker

Feb 16, 2023

Although we are broadly maintaining our earnings forecasts following the release of in line third-quarter fiscal 2023 (quarter-ending December 2022) results, we decrease our fair value estimate for narrow-moat Singtel to SGD 2.62 from SGD 2.72 previously, due to the currency updates and lower associate share prices.

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