Report
Iain Johnston
EUR 1155.80 For Business Accounts Only

Singapore Telecom Review: No recovery in mobile ahead of TPG launch

Another challenging quarter in mobile although Q2 service revenue trends improved very slightly, but most management teams are concerned by the forthcoming TPG launch: the MSR decline in Q2 improved to -3.8% YoY (Q1: -4.3%) but still continues to underperform GDP growth.
Underlyings
Fortum Oyj

Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.

Singapore Telecommunications Limited

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.

StarHub Ltd

StarHub is a fully-integrated info-communication company based in Singapore. Co. offers a full range of information, communications and entertainment services for both consumer and corporate markets. Co. operates a two-way 3.5G mobile network that delivers up to 14.4 Mbps for downlink (with HSPA+ coming soon) to complement its nation-wide GSM network, and an island-wide HFC network that delivers multi-channel cable TV services (including High Definition Television and on-demand services) as well as ultra-high speed residential broadband services. Co. also operates an extensive fixed business network that provides a wide range of data, voice and wholesale services.

Provider
New Street Research
New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Iain Johnston

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