Simons Trading Research
SingTel - 1QFY19 Competition Heats Up in Indonesia and India
- 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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