Competition Ramping Up in Singapore and SingTel’s Associates; FVE Reduced to SGD 2.75
We reduce our fair value estimate for Singapore Telecommunications to SGD 2.75 per share from SGD 2.85 per share following the release of weaker-than-expected first-quarter results from the Singapore domestic business and share price falls from the Associates. Fourth-quarter group revenue was flat with EBITDA down by 9.6% and underlying net profit down 22%. The strong SGD reduced revenue, EBITDA, and underlying net profit by 4 percentage points each. A reasonable performance in Australia with Op...Singapore Telecommunications is engaged in the operation and provision of telecommunications systems and services, and investment holding. Co. provides a range of multimedia and Information and communications technology solutions, including voice, data and video services over fixed and wireless platforms. Within both Singapore and Australia, Co. provides mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television. Co.'s key businesses include: Group Consumer, Group Digital L!fe, and Group Information and communications technology.
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