SingTel

[Thriftville]

Hey Drizzt, any idea AT&T didn't expand much of its business internationally? Having a strong US gov influence, it would be easy for them to get access to foreign market.

[Musicwhiz]

Jul 30, 2011
Shareholders give SingTel board a grilling
Online sex games and chairman's $25,000 car allowance raised at AGM
By Chua Hian Hou TECHNOLOGY CORRESPONDENT

SINGTEL shareholders were in a feisty mood yesterday, peppering the board with plenty of pointed queries on various topics, from online sex games to bad grammar and the new chairman's $25,000 car allowance.

Almost 500 investors turned up for its annual general meeting, which lasted two hours at the NTUC Auditorium - easily SingTel's longest AGM in years.

All the resolutions were eventually passed but investors were determined to have their day, particularly about the new chairman, Mr Simon Israel.

Some voiced concerns about the appointment given Mr Israel's close ties with Temasek Holdings, where he was executive director and president.

While all the investors who spoke said they had no issue with Mr Israel's ability, they were worried that having him at the helm could colour public perception of whether Temasek is wielding undue influence over SingTel.

Mr Chumpol NaLamlieng, who stepped down as chairman yesterday to make way for Mr Israel, stoutly defended his successor.

He said the board offered Mr Israel the top job because of his ability and because he lived here.

'I confess I did not spend as much time as I should have, because I do not live here. My own feeling, after eight years as chairman, is that they (SingTel) should find a resident chairman,' said Mr NaLamlieng, who lives in Thailand.

'And we have Simon Israel, who lives here, and it is fully expected that he will be spending a lot of time on this job, much more than me.'

Group chief executive Chua Sock Koong tackled the car allowance issue, telling the meeting that 'it is customary for Singapore companies to provide their chairman with a car'.

SingTel has simply gone one step further to seek shareholder approval for this benefit 'in line with the highest standards of corporate governance and transparency', she noted.

Her defence appears to have worked: In spite of vocal objections from some shareholders, the car allowance resolution cleared muster by a wide margin.

There was an even more hotly contested resolution. This involved employee share options and attracted more than twice the number of objecting shareholdings before being passed.

Shareholders had other bones to pick as well.

Mr James Wong, 'from Marine Parade GRC', claimed he had found multiple grammar mistakes in its annual report while another shareholder, who gave his name as Mr Leong, asked if SingTel could switch to more environmentally friendly means of publishing reports, such as CDs.

Mr NaLamlieng said the company would take note of the comments.

Mr Leong also wanted to know if SingTel had disciplined the staff member who put sex games for sale on its website.

Last week, SingTel was fined $40,000 for the infringement - the first time a telco has been penalised for such an action.

'This does not put you in good light in spite of your other achievements... Has any action been taken, like dismissing or warning this officer, so that in future, no adverse publicity will appear?' asked Mr Leong.

Ms Chua said SingTel has 'since tightened our procedures, and the staff member has been appropriately counselled... we are equally concerned about how an incident like that can impact SingTel's reputation'.

chuahh@sph.com.sg

[Drizzt]

probably not the questions that i deem important. why are they not asking future prospects, growth and dividend policy

[brattzz]

fair question, why is singtel not breaking into BRIC?

[corydorus]

Probably Telecoms are usually nationalistic. Even the current thai and indo market which singtel is in, on/off there are challenges.
Ironically, I would prefer Singtel to Stop expanding and focus on stable large Divident like Starhub.

[Drizzt]

i disagree. they should increase their outreach and monopolistic power. paying high div and not paying attention to capex impedes growth and capital replacement. not making capital investment in telco 2.0 is very very bad.

[KopiKat]

SingTel FY12 (Mar) results will be out tomorrow before market opens. Undeterred by my huge error (10%+) forecasting for STEng, my projections (barring any huge extraordinary) are,

EPS = 22.6ct vs 24.02ct (FY11)
Div = 8ct min. vs 9ct + 10ct (Special) for FY11

[KopiKat]

SingTel FY12 (Mar) results will be out tomorrow before market opens. Undeterred by my huge error (10%+) forecasting for STEng, my projections (barring any huge extraordinary) are,

EPS = 22.6ct vs 24.02ct (FY11)
Div = 8ct min. vs 9ct + 10ct (Special) for FY11

Results are out. Looks incredibly good with EPS = 25.04ct ; Div = 9ct. Mainly due to S$270M Tax Credit, some extracts from News Release,

Singapore, 10 May 2012 – Singapore Telecommunications Limited (SingTel) today announced that fourth quarter net profit for the Group grew 30 per cent to S$1.29 billion, primarily from an exceptional net tax credit of S$270 million on an increase in value of assets transferred to an associate.

Excluding this and other one-off items, underlying net profit grew 3 per cent, driven by strong mobile revenue growth from Singapore and improved contributions from the regional mobile associates. The stronger Australian Dollar also lifted net profit.

For the full year, net profit increased 4 per cent to S$3.99 billion. Underlying net profit declined 3 per cent. Group revenue grew 4 per cent to S$18.83 billion, boosted by mobile growth in Singapore and Australia, as well as the stronger Australian Dollar.


Financials

Press Release

Presentation

Take out the exceptional tax credit , I'm still out by 2.9%. Got to send my crystal ball for overhaul soon...

[shanrui_91]

what is happening to this company? Since I have started, I have never heard of Singtel going $3.49 and the cd is only $0.09.

[CityFarmer]

what is happening to this company? Since I have started, I have never heard of Singtel going $3.49 and the cd is only $0.09.

Singtel reached above $4 before, just few years back. I used to be a long-term Singtel shareholder