Telco: CLSA says SingTel still offers most compelling risk-reward trade-off, most preferred among Spore telcos. In bull case, (ie Spore fixed-line franchise maintains, Optus keeps gaining market share, Bharti's Zain buy progresses well, Telkomsel's tower portfolio monetized), SingTel likely worth $3.76, +21% vs current price...
StarHub least preferred, in bull case only worth $2.59, -3% from current price, and hinges on StarHub making early, significant, inroads into SME, corporate segment with NGNBN.
For M1, says hard to get bullish on a stock with a limited product portfolio and the smallest balance sheet among its local peers. Nevertheless, with marginal improvement in ARPU, tips M1 to be worth $2.60, +16.5% vs current.
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