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Posts Tagged ‘SingTel’

Jan 28: CapitaLand, SIA, SingTel

January 28th, 2011 | No Comments

The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index was little changed at 3,219.83.

CapitaLand (CAPL SP): Southeast Asia’s biggest developer said it has agreed to buy a residential property in eastern Singapore for $100.7 million . The property will be redeveloped into a condominium with 150 units, comprising of one-bedroom and two-bedroom apartments. CapitaLand slipped 1.1% to $3.65.

UBS upgrades SingTel to Buy from Neutral

January 12th, 2011 | No Comments

UBS upgrades SingTel (Z74.SG) to Buy from Neutral, raises its target to $3.53 from $3.40; after SingTel’s shares underperformed the MSCI AXJ Telecom Index and Singapore market by 11% in 2010.

“We expect SingTel to perform better in 2011 driven by an improving outlook for (associate) Bharti Airtel.” The house tips the regulatory and competitive environment to improve for Bharti this year, noting SingTel’s 32% stake accounts for 28% of SingTel’s price target, while both stocks have historically shown good correlation.

Jan 12: CapitaMalls, Hyflux, Oxley, SingTel

January 12th, 2011 | No Comments

The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.4% to 3,241.49.

CapitaCommercial Trust (CCT SP): The office landlord partly owned by CapitaLand (CAPL SP) had its stock rating lowered to “underweight” from “neutral” at JPMorgan Chase & Co. The shares lost 0.7% to $1.50.

Singtel says buys $39m worth of shares in Bharti Airtel

January 11th, 2011 | No Comments

Singapore Telecommunications (STEL.SI) said on Tuesday it has paid $39 million for 4.07 million shares in Bharti Airtel, pushing up its stake in the Indian firm to 32.15% from 32.04% previously.

Singtel stock closed up 0.66% on Tuesday at $3.07.

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SingTel Innov8 unit acquires 28.6% stake in 2359 Media

January 10th, 2011 | No Comments

Singapore Telecommunications says wholly-owned subsidiary, SingTel Innov8, has acquired a 28.57% stake in 2359 Media, for $800,006.40.

As at Nov 30, the unaudited net asset value per share of 2359 Media was $3.50.

2359 Media is a Singapore-based mobile marketing provider whose core product offering is MobDis, a HTML5-based mobile advertisement creation platform that allows marketers and designers to rapidly create, publish and share engaging mobile advertisements.

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SingTel Optus loses bid to halt Vodafone mobile-phone campaign

December 21st, 2010 | No Comments

Singapore Telecommunications’s Australian unit, previously ruled to have misled customers with its data-service advertisements, lost a bid in Sydney federal court to stop Vodafone Group Plc. from publicising its “infinite” mobile-phone plans.

Australia Federal Court Judge John Nicholas today denied SingTel Optus Pty Ltd.’s request for a temporary injunction barring Vodafone from advertising the plans, which offer unmetered calls to fixed-line and mobile-phone numbers for A$45 ($59) a month.

SingTel, Portugal Telecom sign collaboration agreement

December 13th, 2010 | No Comments

Singapore Telecommunications said it signed an agreement with Portugal Telecom SGPS SA to share operational and commercial best practices in fiber optic and IPTV based pay TV services. The companies also agreed to develop innovative applications for ultra high speed fixed and wireless networks, SingTel said today in an e-mailed statement.

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SingTel +0.3%; Still in tight $3.06-$3.15 band

December 1st, 2010 | No Comments

SingTel (Z74.SG) +0.3% at $3.11 on modest volume, still drifting in tight $3.06-$3.15 band of past 2 weeks.

Stock down 4.6% since release of weaker-than-expected September-quarter results on Nov. 11, with recent soft market conditions also weighing. Earnings down 6.7% on year at $892 million.

Singtel raised to $3.67 by Goldman Sachs, reiterates Buy

November 24th, 2010 | No Comments

Goldman Sachs raises SingTel’s (Z74.SG) target price to $3.67 from $3.53 for 18% potential return, after it upgrades associate Bharti Airtel (532454.BY) to Buy, ups its target by 25% to INR430.

Also revises SingTel’s EPS estimates for FY11, FY12, FY13 by minus 1.5%, +2.4%, +2.9%. Notes “with SingTel effectively holding 32% of Bharti’s shares, our Bharti upgrade is material to the company’s valuation.”

Adds, Bharti upgrade due to changes in regulatory environment in India, which will favor market leader.

Notes on revised SOTP, SingTel’s investment in Bharti worth $0.94/share, accounts for 26% of valuation, India/Africa now emerges as 2nd largest component of SingTel’s home market valuation.

Adds, key risks include re-farming of India’s 900 Mhz spectrum, creating greater competition for Bharti, also pay TV growth which struggling to gain traction, high content cost of BPL which hurting Singapore profitability.

Shares last +0.3% at $3.08.

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SingTelâ€™s bull case most compelling: CLSA

November 24th, 2010 | No Comments

CLSA says SingTel (Z74.SG) still offers most compelling risk-reward trade-off, most preferred among Singapore telcos.

In bull case (protects Singapore fixed-line franchise, Optus keeps gaining market share, Bharti’s Zain buy progresses well, Telkomsel’s tower portfolio monetised), SingTel likely worth $3.76, +21% vs current price.

StarHub (CC3.SG) least preferred, “though bulls may be able to rationalise existing positions on basis of only 3.0% downside in bull-case scenario,” which hinges on making early, significant, inroads into SME, corporate segment with NGNBN; StarHub bull case worth $2.59, down 2.6% from current price.

For M1 (B2F.SG) says “hard to get bullish on a stock with a limited product portfolio and the smallest balance sheet among its local peers. Nonetheless, one can construct a scenario with marginal improvement in ARPU,” where M1 worth $2.60, +16.5% vs current. Singtel +1.0% at $3.10, StarHub flat at $2.66, M1 off 0.4% at $2.26.

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Singtel said to hire three banks for credit investor meetings

November 16th, 2010 | No Comments

Singapore Telecommunications, Southeast Asia’s biggest telephone company, hired Barclays Plc, HSBC Holdings Plc and Morgan Stanley to help it organise a series of meetings with credit investors, according to a person familiar with the matter.

The meetings, held in Asia and in Europe, finish today, the person said, asking not to be identified as details are private.

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SingTel off 2.5%; Improved dividend policy in price

November 16th, 2010 | No Comments

SingTel (Z74.SG) off 2.5% at almost 2-week low of $3.18, may end lower for third straight session, as investors continue to sell following telco’s below-view September-quarter results released Thursday, according to Dow Jones.

While improved dividend policy helped stock gain 1.8% Thursday, pullback since then suggests higher payout already priced in. Some broking houses remain upbeat over prospects despite fiscal 2Q11 net profit down 6.7% on-year at $892.2 million.

CLSA cuts SingTel to Underperform, ups target

November 12th, 2010 | No Comments

CLSA downgrades SingTel (Z74.SG) to Underperform from Outperform, citing lack of catalyts. Notes earnings from associates weaker in September quarter due to stronger SGD vs INR, IDR, PHP.

Adds results for Singapore operations tad lower than expected due to higher content, subscriber acquisition costs. Still, lifts target price to $3.34 from $3.17 after rolling over discounted cashflow valuation. Fiscal 2Q11 earnings down 6.7% on-year at $892.2 million.

Shares off 0.3% at $3.30.

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SingTel cut to Neutral by Nomura; $3.45 target

November 12th, 2010 | No Comments

Nomura downgrades SingTel (Z74.SG) to Neutral from Buy on limited upside to $3.45 target price, according to Dow Jones.

Nomura says “along with rising competitive headwinds in its key markets, we do not see many near-term catalysts for outperformance or earnings upgrades”.

Research house adds Australian unit Optus continues to be star performer but earnings from other businesses will likely be volatile. Notes higher dividend payout ratio positive (55%-70% vs 45%-60% previously) but “still appears conservative” given telco’s strong cash flows.

Shares last off 0.3% at $3.30.

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SingTel cuts to Hold by UOB KayHian; Paltry yield

November 12th, 2010 | No Comments

UOB KayHian downgrades SingTel (Z74.SG) to Sell from Hold, keeps $3.17 fair price; says 2Q net profit of $892 million (off 6.7% on year) lower than forecast; house disappointed by steep fall in EBITDA margin for Singapore telecoms, at 37.2% vs 1Q’s 46.0% due to higher cost of content on new BPL season, higher staff costs after Jobs Credit Scheme expired.

UOB KayHian says “abrupt” dividend policy change “is an admission of lack of opportunities for earnings accretive acquisitions around the region”, noting management just 3 months ago stressed its payout ratio already high, SingTel needs to conserve financial resources for future acquisitions.

Broker cuts FY11 earnings forecast by 4.5%; estimates FY12 DPS at 16.7 cents/share assuming payout ratio of 65%, says yield of 5.0% “paltry” vs other telcos; prefers M1 (B2F.SG), StarHub (CC3.SG) for exposure to Singapore telecommunications. Shares –0.3% at $3.30.

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