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Simons Trading Research

Author: simonsg   |   Latest post: Wed, 15 Aug 2018, 09:53 AM

 

SingTel - 1QFY19 Competition Heats Up in Indonesia and India

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  • Singtel’s 1QFY19 results were below our expectation on increased competition in Indonesia and India.
  • Telkomsel saw contraction in revenue from voice and SMS while growth in data revenue slowed. Bharti Airtel suffered severe ARPU erosion due to competition from Reliance Jio.
  • Recovery is in sight as Telkomsel’s pricing has since improved towards late-June after the Lebaran holidays. Bharti Airtel’s revenue has stabilised on a sequential basis.
  • Maintain BUY with a lower target price of S$4.05.

Source: UOB Kay Hian Research - 10 Aug 2018

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Labels: SingTel

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