When will Singtel share price ever see daylight? In my previous article, I shared that Singtel share price would blow up in pieces following the release of full-year financial result for FY2020. Indeed, Singtel share price turned bearish for the past three months, falling from $2.60 in April to a low of $2.25 in early July. To halt the slump in Singtel share price, the management announced a new strategic direction to capture growth on 27 May.
To be fair to the management, the current state of Singtel share price should not be attributed to the new Chairman nor the new CEO. They have inherited a company that had seen growth under severe pressure due to intense competition in its regional associates’ businesses. The pandemic has brought even more headwinds and disruptions for Singtel. Against this backdrop, the strategic reset announced on 27 May is an attempt to revive the long-term outlook for Singtel share price.