Singtel

Singtel: IIFL maintains Add, TP $3.34, on a stable footing. Note that Optus (Australia) has been resilient against competition and the planned initiatives on the network side would strengthen its competitive position even further. In India and Indonesia, voice tariff competition is abating, leading to an improved operating environment. While slower Singapore economy growth and the strong SGD is a concern, maintain div payout ratio of 78%/88% for FY13/14.