Singtel has set a goal of monetising $9 billion in assets, with the proceeds earmarked for $5 billion in dividends, a $2 billion share buyback and $2 billion in growth initiatives. It has already begun the buyback, repurchasing roughly $50 million worth of shares since Feb 27, earlier than JPMorgan had anticipated.
JPMorgan is maintaining its “overweight” call on Singapore Telecommunications (Singtel), raising its target price to $5.80 from $5.20 previously.
The move comes as Singtel has executed its share buyback programme earlier than expected, as part of its broader capital recycling strategy to boost shareholder returns, according to analysts Ranjan Sharma, Sigrid Qiu and Ankur Rudra.
