SingTel

SingTel: DBSV raises target slightly, to $3.45 from $3.40, based on 12.2x FY11 PE (vs historical avg of 13.4x). Maintains Buy call. Cites stabilizing competitive environment in India a positive for SingTel, which has been steadily increasing its stake in Bharti from 30.4% to 32% over the past 12 months.