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Singapore's largest telecom operator, providing mobile, broadband, and enterprise/ICT services, with major equity stakes in regional telcos.
Singapore's largest telecom operator, providing mobile, broadband, and enterprise/ICT services, with major equity stakes in regional telcos.
Earns from monthly consumer plans and enterprise contracts, but a large part of group profit comes from minority stakes in regional carriers, which are not consolidated and so pay through share of earnings and dividends. Temasek, Singapore's state investor, holds over half the shares. It has been selling some stakes to fund data-centre growth.
In one line: A Singaporean AT&T with a telecom-holding-company structure.
Moat: narrow (regulatory licence, scale, installed base). Incumbent licensed operator in Singapore plus large minority stakes in regional telcos with their own scale.
Headquarters: Singapore · Founded: 1879 · Employees: 24,233
Size Singapore Telecommunications (Z74.SI) is a Singapore Communication Services company (Major Telecommunications) with a market value of $52.2B, the 3rd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$4.09 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against -6.9% for the median peer and -1.2% for the Singapore market (cap-weighted) — 3rd lowest of 10 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +1.6%); the operating margin is 8.4% (peer median 20.4%).
Valuation It trades at 21.7× forward earnings against a peer median of 13.5× (3rd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (5.3% WACC).
Credit Singapore Telecommunications has 1 bond outstanding ($500M), rated A+ by the agencies and trading like AAA at a weighted spread of 47 bp.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$14.3B | S$14.3B | S$14.1B | S$14.1B | S$14.6B |
| Revenue growth | — | +1% | 0% | -3% | — |
| Gross profit | S$2.95B | S$2.87B | S$2.97B | S$2.82B | S$2.83B |
| EBITDA | S$3.67B | S$3.59B | S$3.56B | S$3.38B | S$3.49B |
| Net income | S$5.61B | S$5.61B | S$4.02B | S$795M | S$2.23B |
| Free cash flow | S$2.06B | S$2.06B | S$1.98B | S$2.21B | S$2.24B |
| Capital expenditure | S$2.60B | S$2.60B | S$3.94B | S$2.36B | S$2.28B |
| Total debt | n/a | S$12.7B | S$12.7B | S$12.9B | S$11.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Singapore Telecommunications Z74.SI | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% |
| StarHub CC3.SI | $1.41B | +4% | -8% | 5% | 48.0× | 7.2% |
| Telstra TLS.AX | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% |
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 33.3× | 20.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | Z74.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.5% | +8.4% | lowest of 10 |
| 6-month return | -13.9% | -6.9% | 3rd lowest of 10 |
| Distance from 52-week high | -22.4% | -15.7% | 4th lowest of 10 |
| Revenue growth (TTM) | +0.8% | +1.6% | 5th lowest of 10 |
| Operating margin | 8.4% | 20.4% | 3rd lowest of 10 |
| Forward P/E | 21.7× | 13.5× | 3rd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 21.5% | -2.5% | most demanding of 10 |
| Growth delivered (Del g) | -1.8% | +2.6% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +23.3 pp | -2.6 pp | most demanding of 10 |
| ROIC minus cost of capital | -2.6 pp | +3.1 pp | 2nd lowest of 10 |
| EV / EBITDA | 20.7× | 6.8× | most expensive of 8 |
| Net debt / EBITDA | 2.5× | 2.5× | 4th least indebted of 8 |
| Bond spread | 47 bp | 81 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| Deutsche Telekom DTE.DE | Germany | $139B | -7% | +2% | 22% | 11.4× | -7.7% | +3.3% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
Singapore Telecommunications has 1 bond outstanding with $500M face value. The agencies rate it A+; its bonds trade like AAA. Weighted yield 5.12%, a spread of 47 bp over government bonds.