TELCO Singapore Telecommunications' Q2 FY2015 results were generally in line with expectations, an OCBC Investment Research report said on Thursday after the telco released its results earlier in the morning.
SingTel posted revenues of S$4.31 billion, up 3.5 per cent year on year, thanks to first-time contributions from digital acquisitions Adconion and Kontera. Without those contributions, revenue would have grown by 2.5 per cent.
Net profit jumped 19.3 per cent year on year to S$1.04 billion, lifted by an exceptional gain. Without it, underlying net profit would have risen 10.7 per cent year on year, the report said.
"1HFY15 revenue though was flat at S$8.457 billion, meeting 50 per cent of our FY15 forecast, while reported net profit slipped 0.5 per cent to S$1.873 billion; underlying profit grew 4.4 per cent to S$1.86 billion, also 50 per cent of our full-year estimate," wrote OCBC analyst Carey Wong, ahead of an analyst teleconference that was due to take place.
OCBC maintains its "buy" rating on the stock, though its fair-value price of S$4.08 is under review.
At about 1.30pm on Thursday, the counter was up four cents to S$3.89.