SGAPY - Singapore Telecommunications: A Mixed Picture

• Singapore Telecommunications is suffering from headwinds associated with declining mobile APRU for the Singapore business and lower earnings contribution from the Australian broadband business with the NBN network migration.
• The company's new CEO, its investments in the digital space, and potential asset sales are other key factors that could have an impact on the company's future performance.
• Singapore Telecommunications' valuations are inexpensive, with the market assigning a negative value to Singapore Telecommunication's Singapore and Australia subsidiaries based on its current share price.
• Singapore Telecommunications offers consensus forward FY 2021 (YE March) and FY 2022 dividend yields of 5.3% and 5.9%, respectively.

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