SINGAPORE — 15 December 2025 — Singapore Telecommunications Limited (better known as Singtel) has become one of the most-watched blue chips on the Singapore Exchange in 2025, and the stock is entering the year-end stretch with investors split between two storylines: a steady, cash-generating telecom… and a fast-evolving digital infrastructure platform powered by data centres, asset recycling, and shareholder returns. [1]
On 15 Dec 2025, Singtel shares were trading around S$4.65 (SGX:Z74), modestly lower on the day, after a powerful run that has pushed valuations into “prove it” territory — where execution, not just narrative, determines the next leg. [2]
Singtel share price today (15 Dec 2025): where the stock stands
As of 15 Dec 2025, Singtel was indicated at about S$4.65, with intraday movement roughly between S$4.61 and S$4.71, and a 52‑week range cited around S$3.04 to S$4.92. [3]
That matters because the stock is no longer priced like a sleepy defensive telco. After a significant rally in 2025, brokers have increasingly framed the debate as: how much upside is left once the “holding company discount” has already narrowed and the market has re-rated the story? [4]
The 2025 re-rating: why Singtel stopped trading like “just a telco”
Singtel’s business mix has always been more complex than many global telcos. Beyond its Singapore mobile and broadband operations, Singtel owns Australia’s Optus, and holds substantial regional stakes — including Bharti Airtel (India), Telkomsel (Indonesia), AIS (Thailand) and Globe (Philippines). [5]
In 2025, two forces helped drive a re-rating:
- Value realisation and capital returns
Singtel has leaned into asset recycling (selling or monetising assets to reinvest or return cash) and shareholder returns. Reuters reported the company announced a S$2 billion share buyback over three years and raised its medium-term asset recycling target to S$9 billion (from S$6 billion). [6] - Digital infrastructure becoming a core narrative
Singtel’s push into data centres — including its digital infrastructure arm often discussed under the Nxera umbrella — has turned into a central plank of the investment case. Management and analysts have repeatedly pointed to AI-driven demand for data centre capacity as a durable tailwind. [7]
DBS, for example, argued that a meaningful portion of Singtel’s 2025 share-price rise came from higher associate values (notably Airtel and Telkomsel), and a narrowing holding-company discount as investors gained confidence in management’s “value realisation strategy.” [8]
The latest earnings and guidance shift still shaping sentiment
The most consequential fundamental update in recent weeks came with Singtel’s first-half FY2026 performance (six months ended 30 September 2025).
Reuters reported Singtel’s first-half underlying net profit rose 14% to S$1.35 billion, helped by Optus and regional associates. More importantly for forward-looking investors, Singtel upgraded its FY2026 operating company (OpCo) EBIT growth outlook to “between high single digits and low double digits,” from an earlier “high single digits” expectation. [9]
In the same Reuters report, Singtel’s CEO flagged that the company’s digital infrastructure arm’s EBITDA is expected to grow at more than 20% annually over the next four years, supported by new operational data centre capacity. [10]
That combination — rising core earnings expectations and a high-growth infrastructure “engine” — is the fuel behind many of the bullish 2026 forecasts now circulating in broker notes.
Analyst forecasts and price targets: a wide dispersion (for a reason)
If you want a snapshot of market expectations for Singtel stock on 15 Dec 2025, it’s this: analysts broadly expect upside, but disagree on how much is already priced in.
Consensus targets: ~S$5.19 to S$5.21
Several market data aggregators on 15 Dec 2025 showed a consensus 12‑month target price just above S$5.19–S$5.21, implying roughly low‑double‑digit upside from the mid‑S$4.60s level. [11]
Bull case: DBS sees S$5.71 — driven by data centres + ARPU stabilisation
DBS kept a BUY call and raised its target price to S$5.71 (publication date 11 Dec 2025), tying the thesis to two main catalysts:
- A sharp rise in data-centre EBITDA as new capacity comes online
- Stabilisation in Singapore mobile ARPU (average revenue per user) around mid‑2026, linked to expected sector consolidation approval by end‑2025 [12]
DBS explicitly described a potential re-rating of Singtel’s core business from about 5x forward EV/EBITDA toward a regional average of 7x, supported by expected growth and improving fundamentals. [13]
Constructive but slightly lower: Citi’s S$5.08 and a “better value” entry after a pullback
Citi Research resumed coverage with a BUY call and a target price of S$5.08 (report date 8 Dec 2025), describing Singtel as a blend of developed-market cash generation (Singapore/Australia) plus emerging-market growth exposure (India, Indonesia, Thailand, Philippines). [14]
Citi also stressed potential upside from a strategic review of assets and Singtel’s ongoing S$9 billion divestment programme, while acknowledging that yield has compressed after the rally. Notably, Citi laid out explicit scenario targets: a more bullish case at S$5.34 and a bearish case at S$3.93, highlighting how sensitive the valuation remains to Airtel assumptions and currency. [15]
The skeptic’s view: UBS says “fair value” after the run, target S$4.40
Not everyone is buying the “still cheap” pitch.
Investing.com reported UBS downgraded Singtel from Buy to Neutral on 1 Dec 2025, keeping a S$4.40 target price, on the view that the valuation looked fair after a roughly 50% move in 2025. UBS cited positive market response to asset recycling, Airtel stake sale, and dividend per share increases — but effectively argued that much of the good news had already been priced in. [16]
The Bharti Airtel lever: still one of the biggest drivers of Singtel’s valuation
A recurring theme across analyst notes is that Singtel can behave like a proxy for its associates, particularly Bharti Airtel.
DBS went as far as describing Singtel at current levels as a “cheap proxy” to Airtel in valuation terms, illustrating how the market value of associates contributed meaningfully to Singtel’s 2025 share-price rise. [17]
On the capital management front, Reuters reported that Singtel’s unit sold 51 million shares in Bharti Airtel, raising gross proceeds of S$1.5 billion (reported 7 Nov 2025). [18]
For investors, that sale isn’t just a headline. It’s part of the broader “asset recycling → reinvest/return” loop that underpins buybacks, dividends, and potential data-centre deals.
The STT GDC question: a potential deal that could reshape the data-centre story
If there’s a single “deal risk / deal upside” item still hanging over Singtel into late 2025, it’s ST Telemedia Global Data Centres (STT GDC).
Reuters reported on 7 Nov 2025 that KKR and Singtel were in advanced talks to buy more than 80% of STT GDC (which would give them full ownership) for over S$5 billion — a transaction that could rank among Asia’s largest data centre deals, driven by AI-related infrastructure demand. [19]
Crucially, Reuters also noted Singtel said in a stock exchange filing that it regularly reviews opportunities and is in consortium discussions, but there is no certainty a binding agreement will result, and investors should exercise caution. [20]
From a stock perspective, this is exactly the kind of optionality that excites bulls and worries bears:
- Bulls see a step-change in scale and earnings mix.
- Bears see integration risk, valuation risk, and the danger of overpaying near the top of an AI-fuelled cycle.
Dividends: still central, but now paired with “value realisation”
Singtel has long attracted income-focused investors — and 2025 added a twist: dividends that increasingly reflect both “core” operations and “value realisation” initiatives.
- Reuters reported Singtel declared an interim dividend of 8.2 Singapore cents per share (up from 7 cents a year earlier) with its first-half results. [21]
- SGX corporate action records show the cash dividend/distribution rate was S$0.082, with ex-date 20 Nov 2025, record date 21 Nov 2025, and payment date 9 Dec 2025. [22]
- Singtel’s investor relations dividend framework for the financial year ending 31 March 2026 shows an interim core dividend of 6.4 cents plus a value realisation dividend of 1.8 cents, totaling 8.2 cents (to date). [23]
On valuation screens, Singtel’s dividend yield is often quoted around the ~4% zone at current prices, though the exact figure varies by methodology and forward assumptions. [24]
Buybacks: the “floor” narrative (and what the company has actually been doing)
Singtel’s S$2 billion buyback programme announced earlier in 2025 added another shareholder-return lever alongside dividends. [25]
By late November, The Business Times reported Singtel led buyback consideration among primary-listed Singapore companies over a five-session window, repurchasing 10,870,400 shares at an average price of S$4.75. [26]
Singtel’s SGX-related announcement flow around early December also shows repeated buyback notices (e.g., entries dated 1–3 Dec 2025), consistent with an active pace. [27]
For investors, buybacks can matter in two ways:
- Mechanically, they reduce share count and can support EPS.
- Psychologically, they signal management’s confidence — unless investors worry the buybacks are being used to mask a lack of organic growth.
The Optus risk: outages, scrutiny, and why it still moves Singtel stock
No Singtel stock analysis is complete without Optus — and in 2025, Optus has repeatedly reminded markets how operational issues can morph into regulatory and reputational risk.
Reuters reported on 4 Dec 2025 that Optus restored broadband services across Brisbane and parts of Queensland after an outage that affected around 95,000 customers. Reuters also noted this came amid heightened scrutiny following emergency call outages linked to deaths and a parliamentary inquiry. [28]
Earlier, Reuters reported Singtel shares slid more than 2% on 22 Sep 2025 after a technical failure disrupted emergency call services for 13 hours and was linked to four deaths. [29]
Citi’s Dec 8 note (as reported by The Edge Singapore) even referenced “Australia-related fines due to network outages” as a concern — while arguing capital management actions and liquidity-driven inflows could mitigate sentiment damage. [30]
This is the core tension: Singtel’s upside narrative increasingly leans on infrastructure and capital returns, but its downside shocks can still come from telecom operational execution — particularly in Australia.
What investors are watching next into 2026
Heading into 2026, Singtel’s stock catalysts look unusually concrete (by telco standards):
- Data-centre capacity coming online: DBS expects Singapore data-centre capacity to double to 120MW with an AI-ready Jurong facility opening in early 2026, which it views as a key EBITDA catalyst. [31]
- Singapore mobile ARPU stabilisation: DBS expects stabilisation around mid‑2026, linked to consolidation approval timelines. [32]
- STT GDC deal clarity: Reuters suggested a deal could be struck before year-end 2025 (with timing and terms still uncertain), making this a live optionality item into early 2026. [33]
- Ongoing asset recycling + returns: continued Airtel monetisation, buybacks, and dividend strategy remain central to the equity story. [34]
- Optus execution and regulatory outcomes: outages and inquiries can still produce headline risk and volatility. [35]
Bottom line on Singtel stock on 15 December 2025
Singtel (SGX:Z74) on 15 Dec 2025 looks like a stock in transition — and the market is pricing it that way.
The bullish case is increasingly coherent: upgraded core outlook, a scaled digital infrastructure platform with >20% EBITDA growth ambitions, and a capital management flywheel of asset recycling, dividends and buybacks. [36]
The bearish case is also real: after a huge 2025 run, valuation support depends on execution; Optus remains a headline-risk generator; and large deal optionality (like STT GDC) can cut both ways. [37]
That’s why the price targets span from S$4.40 (more cautious) to S$5.71 (more optimistic) — and why Singtel’s next big move is likely to be driven less by “telecom defensiveness” and more by whether its
References
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