The financial penalty is expected to have minimal impact on Singtel. Saifee notes the group has already provisioned for the penalty in its FY2025 accounts, and sees “no effect to its dividend policy, $2.5 billion FY2026 capex guidance, or ongoing asset recycling programme”.
He adds that material customer churn is unlikely, as previous regulatory actions had limited commercial fallout. “The misconduct period is historical, and any reputational impact has likely already been reflected in Optus’s current market positioning.”
Maybank remains optimistic on Singtel’s growth outlook, underpinned by three key drivers: a narrowing holding company discount to 20-25% from 25-30%; accelerating data centre expansion in Singapore and Thailand; and further Optus improvements.
As at 10.11 am, shares in Singtel are trading 4 cents lower or 1.01% down at $3.93.
