SingTel's 4QFY15 core net profit grew 3.3% yoy (+2.1% qoq ex-tax credit in 3QFY15). FY15 results were in line, at 2.6% above our estimate (1.3% below consensus). Associate earnings rose strongly, led by Bharti, Globe and Telkomsel. Optus's earnings rose due to higher service revenue despite a 6.3% weaker A$ vs. S$. Singapore profits fell given higher handset subsidies, wider DL losses and the cessation of fibre rollout/maintenance revenue. A final DPS of 10.7 S cents brings full-year DPS to 17.5 S cents (FY14: 16.8 S cents), with a 74% payout ratio. For FY16, SingTel guided for significantly higher capex, mainly to strengthen Optus's network. We maintain our Add rating and SOP-based target price pending its results conference call later this morning.