Singtel

Singtel: UBS maintains Buy with TP $3.60, looking at shareholder returns. Add that over the past 2 years, SingTel PE has derated from over 14x PE to current level of 12x, due to earnings declined in FY11 and market views SingTel as an ex-growth stock. expect SingTel’s earnings to grow again from FY12 and PE could expand.