No Let up in Competitive Intensity in SingTel’s Key Markets; FVE Retained at SGD 2.80
We retain our fair value estimate for narrow-moat SingTel at SGD 2.80 per share following the release of fourth-quarter results broadly in line with our expectations. Fourth-quarter group revenue was up 1.9% with EBITDA down by 5.2% and underlying net profit down 15%. Excluding the NBN migration revenue, which accelerated this quarter again after a ban on migrations was lifted but is likely to have a short finite life, fourth-quarter revenue would have been broadly flat with EBITDA down by 11%. ...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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