Singtel (Buy, TP: S$4.6 from S$4.4, +65%) Core inflection; better way to play Bharti than Bharti; price target to S$4.6.
We expect inflecting trends across Singtel’s core businesses. Coupled with the fact that by 2027 Bharti generates over 50% of group earnings suggests that Singtel has a relatively rapid and under-appreciated profit growth outlook. Given the yield of 6.1% in S$ (including Value Realisation Dividend) we do not think this is priced in. Despite the recent rally, we continue to see Singtel as a better way to play Bharti than Bharti itself.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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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
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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