SingTel: flat at $3.10 in thin trade, hardly swayed by reports of telco considering bidding for UK-listed Cable & Wireless Worldwide. According to The Independent newspaper, SingTel has contacted bankers to discuss a possible bid. SingTel has so far declined comment. DBSV notes C&W bid unlikely as its UK-centric business not best footprint for SingTel, which remains focused on Asia-Pacific region…
Reckons mkt may not like SingTel bidding for C&W, and does not expect SingTel to undergo a sudden change in strategy, esp for an unexciting business like C&W. SingTel apparently not the only one eyeing C&W. C&W shares rose sharply last week on market talk of bid interest from US rival AT&T.
Majority of Street currently rates SingTel as Hold.
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