SINGAPORE (June 20): OCBC Investment Research says Singtel’s guidance for dividends to be maintained at 17.5 Singapore cents for FY19 and FY20 signals a stable cashflow outlook despite the competitive pressures.

Management intends to keep traditional carriage revenues flat over five years as voice-to-data substitution continues, but aims to grow digital and enterprise revenues as a proportion of consolidated revenues from 24% in FY18 to 50% by FY23.

Meanwhile, Singtel’s core markets of Australia and Singapore continue to face competitive pressures in the consumer segment with the impending entry of TPG in both markets... (Click here to read the full story)