Singtel

Singtel: CS maintain O/p, TP $3.75. Note that currency movements to affect 2Q3/12E results, but not operations. Emerging market currencies depreciation vs USD could adversely affect grp’s P&L account.

Bharti’s earnings could be affected by forex losses on its unhedged liabilities in foreign currencies. Transient currency movements do not affect the strong operations of ST’associates. Grp is trading at 12.5x P/E and 6.1x adjusted EV/EBITDA for FY3/12E, and offers both growth”from regional associates and div at 5-6% for FY3/12-13E (at 65% payout).