SingTel

SingTel: DB issues an update and maintains Hold at $3.26. Highlights non-performance of 45% co owned PBTL. While relative small component of co, DB views it as indicative of co’s int’l strategy. Notes that PBTL has lost subscriber mkt share from below 6% to below 3% since the acq while remaining unprofitable. Unclear how PBTL can be improved from current lvls and co’s options limited with associate Bharti’s entry to Bangladesh mobile mkt.