Wednesday, November 24, 2010


SingTel: +0.3% at $3.08. Goldman Sachs raises target price to $3.67 from $3.53 for 18% potential return, revises SingTel's EPS estimates for FY11-13 by -1.5%, +2.4%, +2.9%. Upward revision mainly driven by upgrade in SingTel’s 32% associate, Bharti Airtel to Buy, 25% lift in target price to INR430, as changes in regulatory environment in India likely to favor the market leader. Notes SingTel’s invmt in Bharti now accounts for $0.94/sh in its sum-of-parts valuation…

Says key risks include re-farming of India's 900 Mhz spectrum, creating greater competition for Bharti; also Spore’s struggling pay TV growth segment, with profitability hurt by high content cost of BPL.

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