Singapore, Jan 31, 2026, 14:54 SGT — Market closed
- Singtel shares closed Friday a bit up, defying the broader local market’s slump.
- Investors weigh Singapore’s inflation prospects amid shifting global interest rates.
- Upcoming data points include Singapore PMI on Feb. 2 and the U.S. jobs report on Feb. 6.
Singapore Telecommunications Ltd, or Singtel, closed Friday up 0.4% at S$4.59 on the Singapore Exchange. The stock hit a peak of S$4.65 during the session, with roughly 22 million shares traded. StockAnalysis
The modest gain caught attention as the wider market dipped. Singapore’s Straits Times Index dropped 0.5% on Friday, dragged down by major banks hitting the benchmark, The Business Times reported. The Business Times
This is significant as rate expectations have resurfaced following the Monetary Authority of Singapore’s decision on Thursday to hold policy steady while raising its 2026 inflation forecast to 1.0%-2.0%. Persistent inflation could push funding costs higher, posing a challenge for telcos that compete primarily on price but promote themselves based on yield. Reuters
Global risk appetite faltered heading into the weekend following Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve, combined with a U.S. inflation report that exceeded expectations. Reuters
The company’s last major update was in November, revealing a 14% jump in first-half underlying profit and a boost to its interim dividend, now 8.2 Singapore cents per share. Group CEO Yuen Kuan Moon highlighted that “We expect our growth engines to change the complexion of the business,” citing Nxera’s EBITDA is set to grow over 20% annually for the next four years. Reuters
Capital returns remain a crucial pillar for the stock. Back in May, Singtel unveiled a S$2 billion share buyback and boosted its medium-term “asset recycling” goal to S$9 billion — aiming to sell stakes and property to fuel growth and shareholder returns. Citigroup Inc analysts noted the buyback was timed “earlier than expected.” Reuters
The recycling story is clear. In November, Singtel offloaded a 0.8% stake in Bharti Airtel for roughly S$1.5 billion, locking in an estimated gain of S$1.1 billion and reducing its stake to 27.5%, the company reported. Reuters
Investors remain focused on data centres. Reuters reported in November that KKR & Co and Singtel were deep into talks to acquire more than 80% of ST Telemedia Global Data Centres, with the deal pegged at over S$5 billion. Singtel, however, warned there was “no certainty” these discussions would result in a binding agreement. Reuters
That said, the upside isn’t without its flaws. Singtel’s first-half management commentary revealed Singapore mobile service revenue dropped 9.7%, hit by fierce price competition and a dip in roaming, though gains in Internet of Things connectivity helped cushion the decline. SGX Links
Dealers will be eyeing the Singapore Institute of Purchasing and Materials Management’s manufacturing PMI, due Feb. 2, for clues on demand and business spending before trading restarts Monday. SIPMM PMI
On Feb. 6, the U.S. Bureau of Labor Statistics will release its Employment Situation report for January, a key figure that frequently shifts bond yields and impacts demand for high-dividend stocks across Asia. Bureau of Labor Statistics
Singtel’s stock is mostly inactive at the moment. The next major events to watch are the PMI on Feb. 2 and the U.S. jobs report on Feb. 6. Any updates on buyback speed or asset sales released before then could also move the needle.
