Competition Ramping Up in Singapore, Australia, and Key Singtel Associates
We retain our fair value estimate for SingTel at SGD 2.85 per share following the release of broadly in-line first-quarter fiscal 2019 results. First-quarter group revenue decreased by 0.5%, EBITDA declined by 2.7%, and underlying net profit declined by 19%. A solid performance in Australia, with Optus EBITDA up 1.6%, was offset by weakness in Singapore, with EBITDA declining by 3.8% and contributions from associates down 25%, owing to increased competition in Indonesia and India. We also retain...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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