Singtel jumps 3.6% on S$0.10 per share dividend, S$2 billion share buyback plan
[SINGAPORE] Shares of Singtel rose on Thursday (May 22) morning after the telco giant announced a final dividend of S$0.10 per share and initiated its first share buyback programme of up to S$2 billion.
As at 11.21 am, the counter climbed to S$3.99, 3.6 per cent or S$0.14 higher than its Wednesday closing price of S$3.85, with 30.1 million shares changing hands, ShareInvestor data showed. This is the highest price Singtel shares have risen to in more than five years – the last time this happened was in 2017.
By 1.24 pm, the counter had eased back down to S$3.96, still up by 2.9 per cent or S$0.11, with 35.3 million shares transacted.
On Thursday, Singtel returned to the black with S$2.8 billion net profit for its second half ended March. The telco proposed a final dividend of S$0.10 per share.
It also disclosed plans to repurchase S$2 billion worth of shares in the open market as part of its capital management strategy; this maiden share buyback programme will be executed over three years, until FY2028.
Repurchased shares will be cancelled, and funding for the programme will be underpinned by excess capital from Singtel's asset-recycling proceeds.
Under its Singtel28 growth plan, the company is raising to S$9 billion its mid-term asset-recycling target that it set at S$6 billion in May 2024.
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Straits Times
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Across the broader market, decliners outnumbered advancers 297 to 197, after 1.2 billion securities worth $1.3 billion were traded. ST PHOTO: BRIAN TEO Singapore shares fall after Trump vows to double steel tariffs; STI down 0.1% SINGAPORE – Shares on the Singapore bourse ended lower on June 2, after US President Donald Trump said last week that he would double tariffs on steel and aluminium to 50 per cent to 'even further secure' the US steel industry. The benchmark Straits Times Index (STI) fell 0.1 per cent or 4.02 points to 3,890.59 points. Across the broader market, decliners outnumbered advancers 297 to 197, after 1.2 billion securities worth $1.3 billion were traded. The top gainer on the benchmark index was property developer Hongkong Land, which rose 2.3 per cent or US$0.12 to US$5.29. The biggest decliner was offshore and marine specialist Seatrium. The counter fell 2.4 per cent or $0.05 to $2. Local telco Singtel was the most actively traded counter by volume, with 32.2 million units worth $122.1 million traded. The counter fell 0.3 per cent or $0.01 to $3.80 on a cum dividend basis. Regional bourses were also in the red on June 2 in the wake of Mr Trump's announcement, which will take effect on June 4. Japan's Nikkei 225 slid 1.3 per cent, and Hong Kong's Hang Seng Index fell 0.6 per cent. Australia's ASX 200 was down 0.2 per cent. Mr Vishnu Varathan, head of macro research for Asia (excluding Japan) at Mizuho Securities, said that Canada, Mexico and Brazil will be among the countries hurt the most by the tariffs due to their exposure to the US market. In Asia, Thailand, South Korea and India are the most exposed, followed by Australia. However, Mr Varathan said that the US 'will not be unscathed' by the tariffs either, given that onshore steel and aluminium is more expensive and will raise costs for businesses. 'Ultimately this will prove to be an act of self-harm, hurting the competitiveness of downstream US industries,' he added. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
