Chua, 49, helped bring what is now Singapore's largest listed company to market and shaped its capital structure in her role as Chief Financial Officer.

Analysts expect the company veteran, one of Asia's most powerful businesswomen, to slash jobs and cut marketing and advertising costs.

"Given Ms Chua's strong background in finance, she will be very cost-conscious, which is positive because the group is facing potentially slower revenue growth," said Jing Li, an analyst with research consultancy Global Insight.

Chua, who is married with two daughters, takes the helm on Monday from Lee Hsien Yang after his 12-year tenure.

She has been with the company for 17 years, joining as Treasurer in 1989 and promoted to CFO in 1999. Last year she returned S$4 billion to shareholders.

"Sock Koong as CFO has always had a very strong inclination towards efficient capital management," said Citigroup analyst Anand Ramachandran.

"If you look at SingTel's track record in delivering surplus cash to shareholders, it has done very well. With her as CEO, I'm very confident that focus on shareholder value will continue."

Chua attended top schools in Singapore and graduated with first-class honours in accountancy from the local university.

A friend from Chua's school days described her as prim and proper, very bright, and very competitive.

CAUTIOUS BENT

But Chua's conservative bent could be a minus in the face of formidable challenges ahead, analysts said.

"SingTel might have benefited from an external candidate who was more aggressive, who had bold, new ideas to effect a strategic change," said Global Insight's Li.

"But with the new CEO's apparently conservative approach, such a change is unlikely to happen under her leadership."

SingTel's first female chief was one of three Singaporean women who made it to Fortune's list of the 50 Most Powerful Women in International Business for two years -- moving up to 17th position last year from 50th in 2005.

She also bagged the Best CFO award by Finance Asia in its Asia's Best Companies poll for four straight years since 2001, and won CFO of the Year in the 2006 Singapore Corporate Awards.

SingTel, facing a small, saturated home market, has spent about S$20 billion in recent years buying mobile operators in high-growth Asian nations and in the bigger Australian market.

The company, which derives about 75 percent of revenues and two-thirds of pre-tax earnings from operations outside Singapore, is on the hunt for more regional acquisitions, including Vietnam.

But Chua, appointed head of SingTel's international operations and strategic investments last year, will likely be prudent in her new purchases.

"Because of her finance background, and the fact that she has to justify the returns of any new ventures, she's likely to take a more conservative approach, and is unlikely to overpay for any acquisition," said Dennis Lee, analyst with Phillip Securities.

Additional reporting by Doreen Siow

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