SingTel - Exits Warid Pakistan | I3investor

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SingTel - Exits Warid Pakistan

StockFanatic

Publish date: Wed, 30 Jan 2013, 03:46 PM

SingTel is selling its 30% stake in Warid Telecom (WT), which was acquired in mid-07, for US$150m (S$185m) or an 86% loss on its total investment of S$1.31bn. It will book in a loss of S$238m in FY13. We raise our SOP-based target price for SingTel by 1 Sct to S$3.23.

This is to reflect the sale proceeds as we had used WT's carrying value of S$38m in our SOP. No change to our forecasts as we have stopped equity accounting WT since SingTel reclassified it as "asset held for sale". SingTel is an Underperform given policy risks and stiff competition and we prefer StarHub or Axiata.

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