SingTel posted 1QFY15 revenue of S$4147.6m, down 3.4% YoY (but +0.5% QoQ), meeting around 24% of our full-year forecast, while reported net profit fell 17.4% YoY (down 7.1% QoQ) to S$834.6m; underlying net profit came in around S$881.0m, down 1.8% YoY and 4.2% QoQ, but also still met 24% of our FY15 estimate. Hence results are in line with our expectations.

Going forward, SingTel expects consolidated revenue and EBITDA to remain stable; Core Business (Group Consumer and Group Enterprise) to see stable revenue, low single digit EBITDA growth; Group Digital Life to see 50% revenue growth, negative EBITDA to fall by 20%. We will have more after the analyst call later in the morning. For now, we place our Buy rating and S$4.08 fair value under review.

Source: OCBC Research - 14 Aug 2014