Singapore Stock Market News

SingTel - Turnaround in progress

StockFanatic
Publish date: Thu, 15 May 2014, 02:57 PM
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SingTel's FY14 core net profit met CIMB and street estimates, at 99% and 98% of the forecasts, with Singapore, Australia and most associates meeting expectations. A DPS of 16.8 Scts (74% payout) was declared, unchanged yoy and within our expectation. The results signal that earnings have bottomed out and are gradually recovering, in our view. It is guiding for a slight EBITDA increase in FY15, after a 1% decline in FY14.

We maintain our Add rating and SOP-based target price, pending its results conference call later this morning. The stock has risen 7% since our upgrade three months ago.
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