Singapore Stock Market News
SingTel - Building growth takes time
StockFanatic
Publish date: Tue, 23 Jun 2015, 07:18 PM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
We believe SingTel's share price will take a breather after a good run over the past 18 months. FY16 earnings growth is likely to be flattish given weaker regional currencies and dilution from the recent Trustwave acquisition, which will offset Optus's stronger performance.
We cut our FY16-17 core EPS forecasts by 1.7-3.4% but raise our SOP-based target price by 3.5% due to stronger medium-term growth prospects at Optus. We downgrade SingTel from Add to Hold as we see flattish earnings performance in FY16 (-0.4%). Its FY16 EV/OpFCF of 19.5x also looks fair, supported by decent 4.1-4.6% yields over FY16-18. For ASEAN telcos, we now prefer Telkom Indonesia, Indosat and Thaicom.
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