SingTel Reports Strength in Australia Offset by Weaker Singapore; FVE Down to SGD 3.20
We lower our fair value estimate for SingTel to SGD 3.20 from SGD 3.55 per share following the release of broadly in-line third-quarter fiscal 2018 results, mainly due to reduced valuations for associates. SingTel’s third-quarter 2018 results (quarter ended December 2017) showed strength in Australia offset by weaker Singapore and associate contributions, particularly from Bharti in India. Group revenue increased by 4.4%, EBITDA rose by 6.0%, and underlying net profit declined by 8.0%. We retain...
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