Singtel's Deepdive: A Telco Giant Finding Its Groove Again

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The headline: Singapore’s telco heavyweight just delivered a solid H1 FY2026 performance, with underlying profit jumping 14% to S$1.35 billion. After years of dividend cuts and strategic drift, Singtel is finally showing signs it’s getting its house in order.​

💰 Dividend Track Record: 18/25 Points

The comeback story. Let’s address the elephant in the room first—Singtel’s dividend track record has been bumpy. From FY2016 to FY2019, shareholders enjoyed a rock-solid 17.5 cents per share annually. Then came the pandemic reality check: a brutal 30% cut in FY2020, followed by another 39% slash in FY2021 to just 7.5 cents.​

But here’s where it gets interesting. Since hitting rock bottom in FY2021, Singtel has delivered five consecutive years of dividend increases. FY2025’s total payout of 15.6 cents represented a 26% jump from the prior year, while the interim dividend for H1 FY2026 rose 17% to 8.2 cents per share.​

The company now operates a dual-dividend structure: a core dividend (70-90% of underlying profit) plus a “Value Realisation Dividend” (VRD) funded by asset recycling proceeds. For FY2026, consensus expects total dividends of 18.2 cents—marking the sixth consecutive year of growth.​

The caveat: That decade-long track record is permanently scarred by those brutal 2020-2021 cuts. While recent momentum is strong, the company lacks the pristine 10+ year consistency that would earn top marks. The recent trajectory deserves credit, but the historical volatility can’t be ignored.​