RHB notes that Singtel’s mobile service revenue for 3QFY2023 was up 14% y-o-y and that roaming revenue was already at 65% of pre-pandemic levels.
RHB’s research team has kept its “buy” call and $3.30 target price on Singapore Telecommunications, with a series of positive drivers for the stock.
First, Singtel is set to enjoy a recovery in roaming revenue in the wake of the pandemic, as well as prepaid sales, as international travel resumes.
