Singtel share price in devastating bloodbath
Singtel share price in nuclear meltdown”, I predicted that Singtel share price will collapse upon the announcement of a dividend cut. Indeed, Singtel share price plummeted upon the release of full-year financial result for FY2020 which saw full-year dividend being reduced to 12.25 cents. This is the lowest dividend since FY2005.In my previous article “
Many analysts may argue that it is the poor financial performance that wrecked Singtel share price. To this end, I do not disagree. Group revenue declined 5% while net profit crashed 65% year-on-year. However, most of the shareholders of Singtel are long-term investors and I honestly doubt that they are spooked by the financial result. It should be the massive cut in dividend that scared the living daylight out of investors.
Year-to-date, Singtel share price had tanked 27%. In fact, Singtel share price has crossed my previous target entry price of $2.60. At this moment, it is too early to tell if it is going to be light at end of tunnel for Singtel share price anytime soon. …