SingTel - Currency headwinds | I3investor

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SingTel - Currency headwinds

StockFanatic

Publish date: Wed, 14 Aug 2013, 10:59 PM

We turn a little more cautious on SingTel after its 1QFY3/14 results conference call, largely on the weakening regional currencies vs. the S$. This is despite strong growth at Bharti, Globe and Telkomsel. SingTel may step up its aggression to counter Starhub's cross carry rebate.

We cut our FY14-16 core EPS by 2-4% and SOP-based target price by 2% after imputing a higher tax in FY14 and revising our currency assumptions to reflect its new guidance. SingTel remains a Neutral as it lacks rerating catalysts. We prefer M1 and Telkom Indonesia in the regional telco space.

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