# Singapore Telecommunications (SIT4.F)

Canonical: https://gigainvestors.com/s/SIT4.F

Analysis as of: 2026-10-16T07:33:38.226Z. Financial observations: FY2019–FY2026.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 2.83 per share; close as of 2026-10-15.

Estimated value: low EUR 0.90 per share, central EUR 1.00 per share, high EUR 1.14 per share. Buy at or below the central value EUR 1.00 per share. Valuation as of 2026-10-16T07:33:38.226Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.14×

- FY2020: 0.12×

- FY2021: 0.07×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.08×

- FY2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 68.8%

- Recent gross margin (lower of latest and 3-year median): 69.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.0%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 7.1%

- FY2020: 4.6%

- FY2021: 3.1%

- FY2022: 1.7%

- FY2023: 2.6%

- FY2024: 2.5%

- FY2025: 2.9%

- FY2026: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 10B

- Net income, five-year total: SGD 15B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -2.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.89×

- FY2023: 0.84×

- FY2024: 0.31×

- FY2025: 0.39×

- FY2026: 0.86×

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.6% vs 2.9%

- Per-share earnings: 0.04 to 0.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SGD 10B

- Cumulative retained earnings: SGD -60M

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 41.4%

- Per-share value change: SGD 0.20

- Per-share value, starting three-year median: SGD 0.04

- Per-share value, ending three-year median: SGD 0.24

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 2.9%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD 0.13

- FY2020: SGD 0.04

- FY2021: SGD 0.03

- FY2022: SGD 0.12

- FY2023: SGD 0.13

- FY2024: SGD 0.05

- FY2025: SGD 0.24

- FY2026: SGD 0.34

### accounting: pass

- Sloan accruals: 1.4%

- Receivables to sales index (DSRI): 0.30×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -4.6%

- FY2020: -9.7%

- FY2021: -10.5%

- FY2022: -6.8%

- FY2023: -5.5%

- FY2024: -8.5%

- FY2025: -1.3%

- FY2026: 1.4%

## Holders

## Price story

Price needs cash profits to grow 15.4% a year for ten years · sales +0.8%

Story as of 2026-10-16T09:59:56.352Z; price observation 2026-10-15.

Price needs cash profits to grow 15.4% a year for ten years

### Sales · FY2025–2026

sales +0.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: SGD 17B 

- FY2020: SGD 17B 

- FY2021: SGD 16B 

- FY2022: SGD 15B 

- FY2023: SGD 15B 

- FY2024: SGD 14B 

- FY2025: SGD 14B 

- FY2026: SGD 14B 

### Gross margin · FY2026

gross margin 69.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 51.2% 

- FY2020: 51.0% 

- FY2021: 65.8% 

- FY2022: 68.3% 

- FY2023: 70.6% 

- FY2024: 70.7% 

- FY2025: 69.6% 

- FY2026: 69.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are SGD 14.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2026: revenue 14260600000; grossProfit 9885000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIT4.F: Singapore Telecommunications Limited, together with its subsidiaries, provides telecommunication services in Singapore, Australia, and internationally. It operates through Optus, Singtel Singapore, NCS, and Digital InfraCo segments. The company provides mobile, equipment sales, fixed voice and data, satellite, ICT and managed services; pay television, content and digital services, and ICT services and sells equipments; and technology services to clients through its Gov+, Enterprise, and Telco+ groups. It also offers regional data center services under Nxera; satellite carrier services; and Paragon, a digital acceleration platform for 5G multi-access edge compute and cloud orchestration, as well as AI Cloud Service through RE:AI. In addition, the company offers services comprising insurance, my Singtel app, my smart network, GXS bank, dash, Singtel paylater, and telephony services. Further, it provides mobility, connectivity, quantum-safe network, software-defined connectivity, next-gen managed services, SingTel AI-ready infrastructure, cloud, data centre services, cyber security, internet of things, communication and collaboration, and satellite services. The company was incorporated in 1992 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 69.3% to 70.7% during 2024–26; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2024: grossProfit / revenue = 70.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2025: grossProfit / revenue = 69.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2026: grossProfit / revenue = 69.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); 8-year return on capital observations [[2019,0.07085697969820899],[2020,0.04572348729502519],[2021,0.030591094509580346],[2022,0.01680009708309229],[2023,0.025868747521870055],[2024,0.025485984408691324],[2025,0.028828483043079743],[2026,0.029620345882402383]]; median 0.029224414462741065. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.2% of cash earnings on expansion; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2019: growth capex 0; upkeep 1718100000; owner earnings 3581900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2020: growth capex 0; upkeep 2036600000; owner earnings 1178220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2021: growth capex 0; upkeep 2214400000; owner earnings 583140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2022: growth capex 0; upkeep 2217100000; owner earnings 1735400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2023: growth capex 0; upkeep 2280700000; owner earnings 1862540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2024: growth capex 0; upkeep 2362500000; owner earnings 246440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2025: growth capex 16894916.19948387; upkeep 4239705083.800516; owner earnings 1581994916.1994839. Growth capex / owner earnings = 0.010679500943069707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2026: growth capex 106570955.48389053; upkeep 2496629044.5161095; owner earnings 4823990955.483891. Growth capex / owner earnings = 0.022091864696127003.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); Dividend observations: [[2019,2856600000],[2020,2856700000],[2021,1272900000],[2022,1155700000],[2023,1964300000],[2024,2179100000],[2025,2807200000],[2026,3038000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); FY2026: cash repurchases 261000000 SGD.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIT4.F SharesStats.PercentInsiders = 4.671 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.226Z); Ten-year compound average after fade. Initial solved rate 0.20913470332141582. Price 2.827; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 2.52 per share

- 2016-11: EUR 2.49 per share

- 2016-12: EUR 2.35 per share

- 2017-01: EUR 2.50 per share

- 2017-02: EUR 2.60 per share

- 2017-03: EUR 2.60 per share

- 2017-04: EUR 2.41 per share

- 2017-05: EUR 2.37 per share

- 2017-06: EUR 2.42 per share

- 2017-07: EUR 2.47 per share

- 2017-08: EUR 2.25 per share

- 2017-09: EUR 2.27 per share

- 2017-10: EUR 2.41 per share

- 2017-11: EUR 2.32 per share

- 2017-12: EUR 2.22 per share

- 2018-01: EUR 2.19 per share

- 2018-02: EUR 2.07 per share

- 2018-03: EUR 2.08 per share

- 2018-04: EUR 2.17 per share

- 2018-05: EUR 2.12 per share

- 2018-06: EUR 1.94 per share

- 2018-07: EUR 2.01 per share

- 2018-08: EUR 2.03 per share

- 2018-09: EUR 1.99 per share

- 2018-10: EUR 1.96 per share

- 2018-11: EUR 1.97 per share

- 2018-12: EUR 1.87 per share

- 2019-01: EUR 1.91 per share

- 2019-02: EUR 1.93 per share

- 2019-03: EUR 1.95 per share

- 2019-04: EUR 2.02 per share

- 2019-05: EUR 2.04 per share

- 2019-06: EUR 2.23 per share

- 2019-07: EUR 2.21 per share

- 2019-08: EUR 2.01 per share

- 2019-09: EUR 2.03 per share

- 2019-10: EUR 2.10 per share

- 2019-11: EUR 2.18 per share

- 2019-12: EUR 2.22 per share

- 2020-01: EUR 2.13 per share

- 2020-02: EUR 1.92 per share

- 2020-03: EUR 1.68 per share

- 2020-04: EUR 1.86 per share

- 2020-05: EUR 1.55 per share

- 2020-06: EUR 1.52 per share

- 2020-07: EUR 1.50 per share

- 2020-08: EUR 1.37 per share

- 2020-09: EUR 1.29 per share

- 2020-10: EUR 1.26 per share

- 2020-11: EUR 1.46 per share

- 2020-12: EUR 1.41 per share

- 2021-01: EUR 1.49 per share

- 2021-02: EUR 1.42 per share

- 2021-03: EUR 1.52 per share

- 2021-04: EUR 1.58 per share

- 2021-05: EUR 1.45 per share

- 2021-06: EUR 1.40 per share

- 2021-07: EUR 1.43 per share

- 2021-08: EUR 1.44 per share

- 2021-09: EUR 1.54 per share

- 2021-10: EUR 1.58 per share

- 2021-11: EUR 1.52 per share

- 2021-12: EUR 1.52 per share

- 2022-01: EUR 1.58 per share

- 2022-02: EUR 1.67 per share

- 2022-03: EUR 1.75 per share

- 2022-04: EUR 1.90 per share

- 2022-05: EUR 1.75 per share

- 2022-06: EUR 1.72 per share

- 2022-07: EUR 1.85 per share

- 2022-08: EUR 1.84 per share

- 2022-09: EUR 1.89 per share

- 2022-10: EUR 1.76 per share

- 2022-11: EUR 1.91 per share

- 2022-12: EUR 1.77 per share

- 2023-01: EUR 1.73 per share

- 2023-02: EUR 1.67 per share

- 2023-03: EUR 1.68 per share

- 2023-04: EUR 1.73 per share

- 2023-05: EUR 1.71 per share

- 2023-06: EUR 1.69 per share

- 2023-07: EUR 1.82 per share

- 2023-08: EUR 1.61 per share

- 2023-09: EUR 1.66 per share

- 2023-10: EUR 1.62 per share

- 2023-11: EUR 1.55 per share

- 2023-12: EUR 1.66 per share

- 2024-01: EUR 1.64 per share

- 2024-02: EUR 1.61 per share

- 2024-03: EUR 1.72 per share

- 2024-04: EUR 1.62 per share

- 2024-05: EUR 1.67 per share

- 2024-06: EUR 1.88 per share

- 2024-07: EUR 2.10 per share

- 2024-08: EUR 2.15 per share

- 2024-09: EUR 2.24 per share

- 2024-10: EUR 2.16 per share

- 2024-11: EUR 2.19 per share

- 2024-12: EUR 2.19 per share

- 2025-01: EUR 2.34 per share

- 2025-02: EUR 2.42 per share

- 2025-03: EUR 2.28 per share

- 2025-04: EUR 2.51 per share

- 2025-05: EUR 2.61 per share

- 2025-06: EUR 2.56 per share

- 2025-07: EUR 2.59 per share

- 2025-08: EUR 2.85 per share

- 2025-09: EUR 2.69 per share

- 2025-10: EUR 2.81 per share

- 2025-11: EUR 3.13 per share

- 2025-12: EUR 3.01 per share

- 2026-01: EUR 3.04 per share

- 2026-02: EUR 3.33 per share

- 2026-03: EUR 3.34 per share

- 2026-04: EUR 3.00 per share

- 2026-05: EUR 2.95 per share

- 2026-06: EUR 3.01 per share

- 2026-07: EUR 2.97 per share

- 2026-08: EUR 3.05 per share

- 2026-09: EUR 2.91 per share

- 2026-10: EUR 2.81 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 0.88 per share, central EUR 0.99 per share, high EUR 1.13 per share

- FY2024: low EUR 0.65 per share, central EUR 0.71 per share, high EUR 0.80 per share

- FY2025: low EUR 0.83 per share, central EUR 0.93 per share, high EUR 1.07 per share

- FY2026: low EUR 0.89 per share, central EUR 0.99 per share, high EUR 1.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.183Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations