“From the very beginning, we understood that connectivity was critical to nation-building. As Singapore grew, so did our aspirations,” says group CEO Yuen Kuan Moon. “We have been closely connected with nation building, working in lockstep with the government to turn Singapore into the international business hub and smart nation it is today.”
The former government department was eager to grow. It was first corporatised in 1992, and then listed to great fanfare in 1993, transforming thousands of Singaporeans into shareholders, thanks to then prime minister Goh Chok Tong’s asset ownership drive. The size of Singtel means it was able to remain as Singapore’s largest listed company by market value for years.
For Singtel, one of the key milestones was the liberalisation of the local telco market, effectively ending its monopoly of more than a century. Such a change was in line with what has been happening worldwide. “For Singtel to remain a significant player, we not only had to prepare for competition, we needed to go beyond the shores of Singapore and this spurred our expansion into regional markets,” says Moon.
The series of investments in various other mobile operators across the region would help radically transform the company’s earnings profile. To date, Singtel is the only local large-cap stock with most of its earnings from these overseas associates and subsidiaries. Its domestic operations, meanwhile, managed to maintain leading market shares despite years of free competition.
See also: Fullerton’s EQDP-supported fund to launch by 4Q2025; only invest in SGX stocks
However, the stock market history of Singtel has been at times spotty. When Arthur Lang took on the Singtel group CFO role back in 2021, the company’s share price was languishing at just around $2.40, nearly half of its peak of more than $4 back in April 2015. Following a series of writedowns for investments that turned sour and the need to fund expensive 5G networks, the company was forced to cut its once generous dividends and its share price reacted accordingly.
Singtel’s management team, according to Lang, believes there is room for improvement, but much work needs to be done. As described by him in a recent LinkedIn post, “Project Empat” (four in Malay) was conceived to be the symbolic North Star. “The project name raised more than a few eyebrows. Some thought it was too ambitious - even unrealistic. There was certainly a lot of self-doubt on my part. But we needed to try.”
More than just operational improvements, Singtel focused on improving shareholder value too. Thanks to its portfolio of listed stakes in various other telcos, especially India’s Bharti, it was able to cash in by shaving off slivers of these shares in the open market. The proceeds were then channelled to extra dividends on top of the ordinary payout generated from operations.
See also: FTSE ST Mid & Small Cap Index generates 9% total return
Along with its most recent FY2025 results, a total dividend of 17 cents was declared, more than double the 7.5 cents paid for FY2021. Singtel announced a $2 billion buyback programme as well.
Investors took notice eventually and Singtel’s share price soon crossed back above the $4 mark in July and has stayed mainly above that benchmark since. According to Lang, a modest office party was organised to mark this occasion that is significant both in a symbolic and tangible sense.
Lang warns that $4 is not a price that he can guarantee, given the vagaries of the stock market. Nonetheless, he assures all stakeholders that Singtel is “relentless” in its focus on value creation following Project Empat. “So, is there a new project? All I can say is please continue giving Singtel the support that we need. But it is not a coincidence that we deliberately held the party from 4pm to 5pm,” he wrote. Lang’s post drew congratulatory responses all around, with one even suggesting that 5pm is too early and “more fun” to end the party at 7pm instead.
