Singtel Shares Fall After Fourth-Quarter Results Miss Estimates
By Yi Wei Wong
Singapore Telecommunications' shares declined in early Asian trade Friday, after its fourth-quarter results come in slightly weaker than consensus estimates.
The telco's shares fell as much as 4.1% to 2.43 Singapore dollars ($1.79). They are currently 2.8% lower at S$2.46, which is its third-largest percentage point drop in a year.
Singtel's earnings were a little weaker than market estimates due to a combination of factors including weaker earnings growth from associates and unfavorable foreign-exchange trends, say Citi analysts Arthur Pineda and Luis Hilado in a note.
The analysts maintained their buy rating and stock target price of S$3.04, noting that while they see near-term speed bumps due to foreign-exchange fluctuations and softer associate earnings, these pressures are unlikely to persist after 2023.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
May 25, 2023 22:07 ET (02:07 GMT)
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