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Southeast Asia's largest telecommunications operator by market capitalisation said that proceeds from the sale may be used to reduce the group's debt and fund 5G capital expenditures and growth initiatives.
Considering that Airtel<\/a>'s financial performance was one of the two main reasons for profit soaring over 41 per cent for the financial quarter which ended in June, this seems surprising. Airtel pre-tax contribution to Singtel's profits rose 145.6 per cent from SGD 64 million (USD 46 million) to SGD 156 million (USD 112 million). It is the only one of its regional associates whose earnings rose compared with the same period last year.
A detailed reading of notes contained in Singtel's Q1 business update filed with the Singapore Exchange however reveals that the performance of Airtel is due to exceptional gains from one-off items. This included a fair value gain on revaluation of its foreign currency convertible bonds and recognition of a deferred tax credit in Africa.
The other reason cited for the profit surge was the partial recognition of its November 2021 SGD 1.87 billion (USD 1.35 billion) sale of its 70 percent shareholding in Australia Tower Network (ATN) during this reporting quarter. This resulted in a once-off gain of SGD 84 million (USD 60.5 million). Singtel is amortising 30 per cent of the gains from the sale of ATN over 20 years.
On an operational level, Singtel did not perform well. Operating revenue fell 5.6 per cent to SGD 3.584 billion (USD 2.58 billion) compared with the same quarter in 2021. EBITDA (earnings before interest, taxes, depreciation and amortisation) fell 2 per cent to SGD 977 million from SGD 997 million.
That the Singapore telco is paring down its assets should come as no surprise. When current CEO Yuen Kuan Moon unveiled his new strategic vision in May 2021, five months after taking over, he said that the new direction is \"designed to capture untapped digital growth in the 5G era, sharpen the Group's focus and improve shareholder value.\"
To this end, the company will be \"leveraging its 5G leadership to reinvigorate its core consumer and enterprise businesses; developing new growth engines in ICT and digital services; and unlocking the value of its quality infrastructure assets.\"
The sale of ATN was the first major step in unlocking the value of its infrastructure assets. In the announcement of the sale back in November 2021, the company said that the \"funds will go towards Singtel's 5G roll-out, the expansion of its technology services arm NCS' digital services business and other growth initiatives.\"
NCS is Singtel's information and communications technology service arm, and it provides services and solutions in consulting, digital technology and cybersecurity across the Asia Pacific.
Earlier last week, Bloomberg quoting sources reported that Singtel was moving forward with the sale of its Chicago-based cyber security business, Trustwave Holdings<\/a>. Between USD 200 million and USD 300 million could be raised from the sale.
It had bought a 98 per cent stake in Trustwave in 2015 for USD 810 million. Trustwave has been loss-making and Sintel took a USD 250 million non-cash impairment charge against this investment in May 2021. It did however sell SecureTrust, its payment card industry<\/a> compliance business, for USD 80 million in October 2021.
In another loss-making asset disposal exercise, it sold Amobee to New York-headquartered advertising technology company Tremor International for total consideration of USD 239 million in July this year. It had acquired Amobee in 2012 for an above-market valuation of USD 321 million. Back then, it said that this was to increase its share of the digital consumer wallet and to shape the digital ecosystem. Amobee, which was founded in 2005, was a fast-growing provider of mobile advertising solutions to operators, publishers and advertisers globally.
Singtel's upcoming asset disposal plans do not stop with Trustwave. Bloomberg also reported that it is also considering options including a potential stake sale in the fibre assets of its Australian subsidiary SingTel Optus.
DBS analyst Sachin Mittal<\/a> said to Singapore financial newspaper Business Times in July that he expects that the sale of Trustwave and Amobee<\/a> will help Singtel avoid an estimated SGD 200 million to SGD 210 million in annual operating losses.
The stock market appears to rate the telco's asset trimming positively. Since news seeped out about its plans in July, the company's share price has been on the rise. It was at a six-month low of SGD2.41 on June 17 and has since climbed about 10 per cent to close at SGD 2.65 last Friday on August 26.
Mittal raised his target price for Singtel to SGD 3.24 from SGD 3.20 and maintained a \"buy\" call for the stock.
\"Among regional telcos, Singtel offers far superior growth than other telcos that pay dividends,\" Mittal said. \"While core business segments were hit during Covid lockdowns, they are gradually recovering.\"
Singtel appears to be selling its assets to streamline its portfolio to raise cash and focus on 5G operations as well as to develop new growth engines including IT services and data centres.
In the business update released on August 24, Singtel CEO Yuen Kuan Moon said, \"This set of positive results reflects the progress made on our strategic reset designed to strengthen our core, unlock the value of our assets and grow new digital businesses.\"
\"Looking ahead, we expect the operating environment to remain challenging amid rising inflation and interest rates, and as continuing geopolitical tensions further impact global supply chains. We will need to stay nimble and contend with these realities should they put further pressure on our costs and bottomlines.\"
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东南亚洲市值最大的电信运营商表示,拍卖所得可用于减少集团的债务和基金5克资本支出和经济增长计划。
考虑到附近的旅馆财务业绩的主要是两个原因财务季度利润飙升超过41% 6月结束,这似乎是令人惊讶的。新加坡电信Airtel税前贡献的利润上涨145.6%从SGD 6400万(4600万美元)SGD 1.56亿(1.12亿美元)。它是唯一一个区域同事的收入与去年同期相比上涨。
详细阅读笔记包含在新加坡电信的Q1业务更新提交给新加坡交易所然而表明Airtel的性能是由于异常收益一次性物品。这包括公允价值收益外汇升值的可转换债券和认可的递延税收抵免在非洲。
利润激增的另一个原因是2021年11月的部分识别SGD 18.7亿(13.5亿美元)出售其70%的股份在澳大利亚塔网络(ATN)在这个季度报告。这导致一旦获得SGD 8400万(6050万美元)。新加坡电信从而带来30%的收益来自ATN超过20年的销售。
在运营层面上,新加坡电信没有表现良好。营业收入同比下降5.6%,至35.84亿新加坡元(25.8亿美元)和2021年同期。息税前利润(利息、税项、折旧及摊销前利润)下跌2%,至9.77亿SGD SGD 9.97亿。
新加坡电信删繁就简的资产应该不足为奇。当现任首席执行官袁Kuan月球公布了他的新战略在2021年5月,五个月后接管,他表示,新方向是“旨在捕获5 g时代尚未开发的数字增长,提高了集团的关注,提高股东价值。”
为此,该公司将利用其5 g领导重振其核心消费者和企业业务;发展新的增长引擎在信息通讯技术和数字服务;和释放它的质量基础设施资产的价值。”
ATN的销售是最主要的第一步打开其基础设施资产的价值。声明的销售在2021年11月,该公司表示,“基金将用于新加坡电信的5 g技术,其技术服务部门的扩张nc的数码服务业务和其他增长举措。”
nc是新加坡电信的信息和通信技术服务部门,并提供咨询服务和解决方案,数字技术和网络安全亚太。
上周早些时候,彭博引述消息人士报道,新加坡电信是推进其总部位于芝加哥的网络安全业务的销售,网络控股。2亿美元和3亿美元之间可以从出售。
在网络购买了98%的股份在2015年为8.1亿美元。网络已经亏损和Sintel 2.5亿美元非现金减损支出在这样的投资在2021年5月。然而卖SecureTrust那样,它的支付卡行业合规业务,2021年10月为8000万美元。
在另一个亏损资产处置锻炼,总部设在纽约Amobee卖给广告技术公司地震国际总考虑到今年7月份的2.39亿美元。它在2012年收购Amobee高于市场的估值为3.21亿美元。当时,它说,这是为了增加其份额的数字消费者的钱包和塑造数字生态系统。Amobee,成立于2005年,是一个快速增长的移动广告运营商解决方案提供商,全球出版商和广告商。
新加坡电信的即将到来的资产处置计划不要停止网络。彭博还报告说,它也在考虑选项包括一个潜在的股权出售纤维新加坡电信Optus澳大利亚子公司的资产。
星展银行分析师萨钦米塔尔7月份新加坡金融商业时报说,他预计的销售乐动扑克网络和Amobee2亿年将帮助新加坡电信避免估计SGD SGD 2.1亿年度营运亏损。
股市似乎电信的资产调整给予了积极评价。自新闻渗透了乐动扑克其计划今年7月,该公司的股价一直在上升。在六个月低点SGD2.41 6月17日,此后上周五上涨约10%,收盘报2.65 SGD 8月26日。
米塔尔举起新加坡电信的目标价格从3.24 SGD SGD 3.20和维护一个“买入”股票。
”地区电信公司,新加坡电信提供优越的增长远远超过其他电信公司支付股息,”米塔尔说。“虽然核心业务部门被击中在Covid封锁,他们正逐渐恢复。”
新加坡电信似乎出售其资产,以简化其投资组合来筹集资金和关注5 g业务以及开发新的增长引擎包括IT服务和数据中心。
在业务更新发布8月24日,新加坡电信首席执行官袁Kuan月亮说,“这组积极的结果反映了进展在我们的战略调整旨在加强我们的核心,开启我们的资产的价值和成长新数字企业”。
“展望未来,我们预计操作环境保持挑战性的通货膨胀和利率不断上升,而持续的地缘政治紧张局势进一步影响全球供应链。我们需要保持灵活,面对这些现实应该施加更多的压力我们的成本和底线。”
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