DBS expects blended mobile ARPU in Singapore to bottom out around mid-2026 after years of discounting drove Singtel’s ARPU down from about $38 in 2019 to around $23 in 1HFY2025, with StarHub on a similar trajectory. The analysts see about 10% recovery over the following two to three years, supported by 5G monetisation, better bundling and a more rational promotional environment as the market moves toward three operators.
DBS Group Research is keeping Singapore Telecommunications (Singtel) as one of its top telco picks, maintaining its “buy” call with a target price of $5.71 as the industry shifts focus toward return on invested capital (ROIC) improvement across Asia.
The analysts say Singtel’s share price in 2025 was supported mainly by gains in the market value of its regional associates and a narrowing holding company (HoldCo) discount. However, the re-rating of its core operations has yet to fully materialise, leaving room for a further uplift in 2026.
