Singtel getting ready to rocket

$SINGTEL(Z74.SI)$all punters get ready this is the rocket booster you have all been waiting for 

Singtel posts net profit of S$1.95 billion for FY22

- Net profit grew two and a half times to S$1.95 billion on net exceptional gain compared to net

exceptional loss last year

- Underlying net profit grew 11% to S$1.92 billion

- Regional associates? pre-tax contributions rose 21% to S$2.07 billion, boosted by Airtel?s

turnaround

- Operating revenue was down 2% to S$15.34 billion

- Proposed final dividend per share of 4.8 cents total dividend per share at 9.3 cents, a 24%

increase from last year..

I draw your attention to a Business Times report dated 26th May (&ldquo Hot Stock: Singtel up as much as 4.5% on rumoured Bharti Airtel sale.&rdquo ) The Business Times references the Economic Times of India also dated 26th May (&ldquo Singtel set to dial Sunil Mittal to sell part stake in Bharti Airtel&rdquo ) where it cites unnamed sources saying that the Singtel Group intends to sell a stake in Bharti Airtel worth up to US$2 billion to Bharti Telecom. We would like to make patently clear that we have been strategic investors in Airtel for decades and it remains a core investment in our international portfolio. As for the media hearsay, we do not comment on market speculation and abide by market disclosure rules pertaining to material transactions. As per our current strategic reset which we shared with the market last May, one of our focus areas is to narrow the significant valuation gap which Singtel shares suffer from as it does not reflect the value of the holdings in our associates. We have taken proactive steps to illuminate the value of our portfolio of strategic investments to deliver attractive returns for our shareholders. Some examples include the divestment of the Group 70% stake in ATN which owns Optus Towers working with Gulf in Thailand to enhance value in our regional associate AIS and a partial divestment of 1.6% in Airtel Africa via a market placement to raise S$150 million as part of our capital recycling strategy.