Maybank keeps Singtel at buy on credible FY2030 roadmap

Optus’s recovery, NCS growth and AI data-centre demand underpin the unchanged $5.21 target.

Maybank maintained its buy rating and $5.21 target price for Singtel, citing potential earnings growth from Optus, NCS and its digital infrastructure business.

The target implies an estimated total return of approximately 20%, including dividends, based on Singtel’s $4.51 share price at the time of the report.

Maybank said Singtel’s roadmap to increase operating-company EBIT to between $2.1b and $2.5b by 2030 appeared credible. Operating-company EBIT currently stands at approximately $1.5b.

The research house expects Optus’s recovery to be one of the main drivers. It estimated that moving towards an EBITDA margin of approximately 33% by 2030 could contribute about $500m in additional EBIT.

NCS is also showing improved operating leverage, with EBIT rising 29% year on year in Q1 2027. Maybank expects artificial intelligence to support productivity and create new revenue opportunities for the business.

Digital InfraCo could provide further upside through growing demand for AI infrastructure.

Singtel’s RE business has contracted 6 megawatts of capacity, with another 6 megawatts under advanced negotiation and 6 megawatts reserved. This provides visibility over a potential 18-megawatt footprint.

Maybank said Singapore’s sovereign AI demand could reach approximately 50 to 75 megawatts over three years. RE deployments are also customer-underwritten, with upfront payments of between 25% and 35%, reducing inventory risk.

The research house forecasts Singtel’s core net profit to rise from $2.77b in FY2026 to $3.09b in 2027 and $3.58b in 2028.

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