Simons Trading Research
SingTel - 1QFY19 a Slight Miss; Outlook Still Uncertain
General Headwinds. Trim Target Price 3% to SGD3.46
- Several of Singtel’s operations encountered headwinds in 1QFY19, particularly those in Indonesia and India. Consequently, core profit was only 21%/19% of MKE/consensus.
- We reduce our FY19E/20E core profit by 11%/13% and our DCF-based SOTP Target Price by 3% to SGD3.46.
- Our outlook for SingTel and the industry at large will depend on the extent of competition once the fourth operator TPG enters the market. Maintain HOLD.
Source: Maybank Kim Eng Research - 08 Aug 2018
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