Singtel: Nomura maintains neutral with $3.45 TP. Note that Bharti and Globe could surprise on the upside, while Telkomsel and SingTel on the downside, based on competitive and regulatory developments. Tips improved operational trends at Bharti, further traction in Spore and Australia, and capital management as potential catalysts….
Volatility, due to rising competition in regional markets, could persist, but SingTel’s associates have strong market positions, balance sheets and earnings outlook.
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