Here's why SingTel's earnings will inch just a tad up

Income is expected to rise by a measly 6% to S$920m.

According to Barclays, SingTel is due to report its 1Q FY13 earnings on Tuesday, 14 August. "We estimate recurring profit at S$920mn (up 6% y/y) and operating EBITDA at S$1.28bn (flat y/y)."

Here's more from Barclays:

The S$/A$ cross-rate approximated S$1.28 for 1Q FY13, this is vs S$1.32 for 1Q FY12 and will modestly depress Optus's A$ contributions (on a y/y basis) into S$ in the consolidated statements. Following the strong results from Telkomsel but weak results from Bharti, we see associate income at S$507mn (up 2% y/y). The results are to be released at 6:30 a.m. Singapore time with the analyst briefing scheduled for 11 a.m. Singapore time.

(1) Optus Mobile - market share and EBITDA margin trends: we note that Telstra announced a 5% y/y mobile service revenue growth for the half-year to June today as part of its results with the EBITDA margin for the segment expanding 500bps y/y - a more profit-oriented Telstra should be positive for competitive dynamics and, hence, Optus as well. 

(2) Mobile and broadband growth in Singapore and the ongoing transition to national broadband.

(3) EBITDA trends vs the "stable y/y" guidance for the full year.

(4) any updates on "group digital life" initiatives - this was a key part of the recent management reorganisation (announced 5 March) that focuses on putting the right strategy and structure in place to monetise data and consumer opportunities around data.