SingTel's core earnings up 5.5% to $872.3m

But revenue dropped by 7.3%.

According to OCBC Investment Research, SingTel reported a 7.3% YoY decline in 3QFY14 revenue to S$4263.3m, while core earnings (excluding exceptionals) climbed 5.5% to S$872.3m.

Here's more:

For 9MFY14, revenue slipped 7.2% to S$12719.7m, meeting 75% of our full-year forecast, while core earnings rose 3.1% to S$2690m, or about 73% of our FY14 estimate.

Going forward, the outlook is getting slightly more mixed. While the telco still expects consolidated revenue to decline by mid-single digit level and EBITDA to decline by low single-digit level; SingTel now guides for Group Consumer revenue to fall by low double-digit level versus high single-digit previously, though EBITDA’s decline remains at low single-digit level. It has reduced its capex guidance back to S$2.2b from a previously revised S$2.5b.

Otherwise, the rest of its guidance remains unchanged. We will have more after the analyst teleconference later. For now, we maintain our HOLD rating but place our S$3.81 fair value (based on SOTP) under review.

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