Singapore Telecommunications Limited (Singtel) ended 24 December 2025 with its share price flat at about S$4.55, as Singapore markets wrapped up a shorter Christmas Eve session in characteristically thinner, year-end trading conditions. [1]
But “quiet tape” doesn’t mean “quiet story.”
Heading into the year-end stretch, Singtel stock is being pulled by two forces that don’t naturally get along:
- Near-term operational and regulatory scrutiny (in both Singapore and Australia), highlighted by a S$1 million IMDA fine and continuing fallout from a serious Optus emergency-call incident; and
- A longer-term re-rating narrative built around data centres (Nxera), asset recycling, and capital returns—a storyline analysts increasingly treat as the engine, not the side quest.
Below is a detailed roundup of the current news, forecasts, and analyst analysis relevant as of 24.12.2025, and what investors are likely to watch next.
Singtel share price on 24 Dec 2025: flat close, holiday-thinned trading
Singtel closed 24 Dec 2025 at S$4.55, unchanged on the day, with a reported intraday range around S$4.52 to S$4.57 and volume of roughly 6.56 million shares. [2]
For context, over the past month (24 Nov–24 Dec), Singtel traded roughly between S$4.48 and S$4.83. [3]
On the broader market backdrop: Singapore’s Straits Times Index (STI) finished the Christmas Eve session down 0.06% on a shorter trading day, with the market turning cautious ahead of the holiday break. [4]
The biggest Singtel headlines into 24.12.2025
1) Singapore regulator IMDA fines Singtel S$1 million over 2024 landline outage
One of the most directly “Singtel-specific” headlines in December: Singapore’s Infocomm Media Development Authority (IMDA) imposed a S$1 million financial penalty on Singtel tied to an 8 Oct 2024 fixed-voice disruption.
IMDA said the outage affected about 500,000 residential and corporate users for more than four hours, including disruption to customer service lines for some government agencies, healthcare organisations, banks and companies, and emergency call services. Singtel said it accepted IMDA’s ruling and the financial penalty. [5]
Why it matters for Singtel stock:
- It reinforces that network resilience is not just an Optus problem—it’s a group-level investor concern.
- It adds a fresh data point on regulatory consequences for service reliability failures in Singtel’s home market.
For investors, it’s not only about the fine amount; it’s about operational risk premium—the extra skepticism the market applies when reliability issues repeat.
2) Optus emergency-call outage review: failures during firewall upgrade, 21 recommendations accepted
Across the strait (and the headlines), Singtel’s Australian subsidiary Optus remains a major swing factor for sentiment.
A Reuters-reported inquiry into Optus’ 18 September 2025 incident found serious failures during a firewall upgrade, with the review linking the event to 605 emergency calls and two fatalities. Reuters reported the review cited at least 10 mistakes, including incorrect instructions from Optus and an improper upgrade method selected by contractor Nokia, contributing to emergency calls failing to connect during a nearly 14-hour outage. Optus accepted all 21 recommendations and the board signaled accountability actions that could include financial penalties or terminations. [6]
Channel NewsAsia also reported that the outage review flagged urgent protocol gaps and that the incident was linked to two deaths, per the review. [7]
From a Singtel-stock perspective, the Optus angle matters because:
- Optus is both financially meaningful and reputation-sensitive;
- The risk isn’t only remediation cost—it’s the possibility of tighter oversight, enforcement, or strategic constraints.
Singtel’s messaging in local coverage has leaned toward swift implementation and support for Optus as it tries to rebuild reliability. [8]
3) Data centre catalyst: the STT GDC deal talks and the Nxera growth narrative
If Optus is the volatility machine, data centres are the optimism machine.
Reuters reported in November that KKR and Singtel were in advanced talks to buy more than 80% of ST Telemedia Global Data Centres (STT GDC) for over S$5 billion (US$3.9 billion), which would give them full ownership (KKR already held a stake; Singtel held over 4% per Reuters). The report framed the potential transaction as one of the largest Asia data centre deals, driven by demand for digital infrastructure amid the AI boom. [9]
The Straits Times later reported Singtel confirmed talks with a Singapore data centre firm, with its shares reacting strongly around that period. [10]
The strategic logic investors are tracking:
- Singtel is positioning Nxera and related digital infrastructure as a structural growth engine, not a cyclical telco add-on.
- The market tends to award higher valuation multiples to scalable digital infrastructure cashflows than to saturated mobile markets—if execution looks credible.
This is also consistent with Reuters’ reporting on Singtel’s own expectations that Nxera could deliver more than 20% annual EBITDA growth over the next four years, supported by increased data centre capacity. [11]
4) Asset recycling and Bharti Airtel: monetisation to fund the “new Singtel”
Singtel has also been actively recycling capital—especially via its stake in regional associate Bharti Airtel.
Reuters reported that Singtel sold 51 million shares in Bharti Airtel, raising gross proceeds of about S$1.5 billion. Reuters also tied the move to Singtel’s broader asset recycling program to support investment priorities. [12]
This matters because it signals:
- A willingness to crystallise gains in associates;
- More flexibility to fund data centre capex, buybacks, and dividends without levering up as aggressively.
5) Capital returns: buyback program and ongoing repurchases
Capital management has moved from “nice-to-have” to “part of the equity story.”
Singtel announced a value realisation share buyback programme of up to S$2 billion as part of its active capital management strategy. [13]
Reuters also reported on Singtel’s buyback plan and the company’s broader asset monetisation push. [14]
And in the day-to-day market mechanics: Singtel has been among the more visible buyback participants on SGX. For example, The Business Times reported that Singtel led buybacks over a five-session stretch, repurchasing 10,870,400 shares at an average price of S$4.75, bringing buybacks under its mandate to about 16,816,000 shares (excluding treasury shares), around 0.1% of outstanding shares. [15]
Buybacks don’t guarantee upside—but they can:
- Provide technical support during volatility, and
- Signal management’s confidence in valuation (especially when paired with asset monetisation).
Singtel fundamentals in focus: results, dividends, and what management is emphasizing
Half-year performance and outlook signals
Reuters reported Singtel’s first-half FY2026 underlying net profit rose 14% to S$1.35 billion, supported by Optus and regional associates, and that Singtel expected operating-company earnings before interest and tax (excluding associates) to grow between high single digits and low double digits for FY2026. [16]
Dividend: FY26 interim payout already paid in December
Singtel’s investor relations disclosures show the FY26 interim dividend of 8.2 cents per share was paid on 9 December 2025. [17]
In a market where “bond-like” equity income still matters, Singtel’s dividend visibility remains a core part of its shareholder appeal—especially when combined with the buyback program.
Analyst forecasts on Singtel stock as of 24.12.2025: targets cluster above the market price
Street consensus: “Buy” bias, ~S$5.19 average target
A widely cited consensus snapshot (based on 17 analysts) put Singtel’s average 12‑month price target around S$5.19, with a high estimate of S$6.20 and a low estimate of S$4.36. The same consensus summary described the overall rating as “Buy” (with most analysts in the buy camp). [18]
MarketScreener’s consensus data similarly showed a last close around S$4.55 and an average target price around S$5.19, implying roughly low-to-mid teens upside, with the consensus leaning “Buy.” [19]
DBS: target raised to S$5.71, catalysts tied to data centre EBITDA and ARPU stabilization
In mid-December, coverage highlighted DBS Group Research lifting its target price to S$5.71 while maintaining a buy stance, with catalysts focused on data centre growth and signs of mobile ARPU stabilisation in Singapore. [20]
DBS commentary elsewhere in December also framed Singtel’s 2025 rally and suggested potential for further re-rating if data centre execution and core telco stabilisation land as expected. [21]
Citi: “better value” after pullback, S$5.08 target with bull/bear cases
The Edge reported that Citi resumed coverage with a buy call and a target price of S$5.08, alongside scenario targets including a more bullish case around S$5.34 and a bearish case around S$3.93 (tied to assumptions such as FX moves and associate valuation changes). [22]
POEMS: “Accumulate” stance and higher target price
Phillip Securities (POEMS) published research in November indicating an Accumulate recommendation and a target price around S$5.35, citing higher valuations of associates and an expanded growth profile including Thailand and NCS (per the report summary). [23]
Putting the forecasts in plain English: what needs to go right (and what can go wrong)
The “bull case” Singtel investors are implicitly underwriting
- Nxera execution: data centre capacity ramps on time, utilisation holds up, and margins look infrastructure-like rather than telco-like. [24]
- Strategic optionality: STT GDC deal (or an alternative move) strengthens Singtel’s position in a global-scale platform. [25]
- Capital returns remain credible: buybacks and dividends are funded sustainably via asset recycling and cashflow, not financial engineering. [26]
The “bear case” that can keep a lid on valuation
- Optus incidents keep recurring, creating an ongoing governance and reliability discount and raising the probability of penalties or forced operational changes. [27]
- Regulatory pressure closer to home: IMDA’s fine reminds investors service reliability issues can produce direct financial and reputational costs. [28]
- Associate valuation volatility: Singtel’s “look-through value” depends materially on listed associates; that can amplify moves both up and down. [29]
Key things to watch after 24 Dec 2025
- Optus remediation proof points: timelines, operational changes, and any further regulatory or legal outcomes following the review’s recommendations. [30]
- Clarity on the STT GDC situation: whether a transaction is completed, reshaped, or replaced by a different strategic route. [31]
- Further asset recycling announcements and how proceeds are allocated between capex (data centres) and shareholder returns. [32]
- Singapore service reliability narrative post-IMDA fine—investors will look for “no repeats,” not just remediation language. [33]
- Whether analyst targets keep drifting upward as data centre visibility improves (or drift down if risk headlines dominate). [34]
Bottom line for Singtel stock on 24.12.2025
As of 24 December 2025, Singtel stock is sitting at an interesting crossroads:
- The market price around S$4.55 reflects a business that still carries telco-and-Optus risk baggage, especially after a December where reliability and governance issues stayed in the spotlight. [35]
- At the same time, analyst consensus continues to lean constructive, with targets clustering around S$5.19 on average—and some bullish calls pushing higher—largely because Singtel is increasingly valued as a telco + digital infrastructure platform rather than “just a telco.” [36]
For investors, the near-term question isn’t “Can Singtel grow?”—it’s “Can Singtel de-risk (Optus + reliability) fast enough that the market is willing to pay up for the data-centre-led upside?”
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.businesstimes.com.sg, 5. www.channelnewsasia.com, 6. www.reuters.com, 7. www.channelnewsasia.com, 8. www.businesstimes.com.sg, 9. www.reuters.com, 10. www.straitstimes.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.singtel.com, 14. www.reuters.com, 15. www.businesstimes.com.sg, 16. www.reuters.com, 17. www.singtel.com, 18. www.investing.com, 19. www.marketscreener.com, 20. www.theedgesingapore.com, 21. www.dbs.com.sg, 22. www.theedgesingapore.com, 23. www.poems.com.sg, 24. www.reuters.com, 25. www.reuters.com, 26. www.singtel.com, 27. www.reuters.com, 28. www.channelnewsasia.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.reuters.com, 33. www.channelnewsasia.com, 34. www.investing.com, 35. www.investing.com, 36. www.marketscreener.com
