New Street: SingTel (Buy, TP: S$4.10 from S$3.70, +65%) A valuation that can't be ignored
SingTel has been a challenging investment case for many investors. Both the Singapore and Australia markets have been tough resulting in continued concerns around strategy, leverage and dividend outlook. But the market has ignored the successful investment portfolio across the region, particularly Bharti. Our recent note on the enterprise opportunity and in particular the impact on Bharti (HERE) and Indonesia (HERE) highlights the value in these names.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.
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
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