Let’s start with some data background of Singtel. I do this fast. Apologize for any error and DYODD.

Since 2013, Singtel has been fluctuating within a big band of $3.3 to $4.5 range. During this time, annual distribution is about 17 cents ( not exact but growing ) which easily totaled roughly 90 cents. Right now the stock price is 60 cent below the top range. And current yield is about 4.4%. Revenue kind of flat.

About S$3B FCF annually. Last year we see a little dip to about dividend support level despite no noticeable increase in capex. As for Netlink Trust, never mind about the regulatory requirement. Netlink Trust IPO comes as a right time for Singtel. At 81 cents, they raised more than $2B which not only cover years of dividend support but also the increase of spectrum cost. On top of this,  $50 M recurring …