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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