Singtel: Macquarie reiterate O/p, TP $3.53, India boost ahead. Believe earnings growth over the next 12 months will be driven by improvements in India.
Remains positive on Bharti’s prospects in a market where competition seems to be stepping down from irrational levels.
Undemanding Valuations at 12x FY13E core PER and 5.6x adj EV/EBITDA, vs higher-yielding telcos (6–7% yield), which are trading at 7x EV/EBITDA and above. with a sustainable dividend yield of 5%, believe Singtel offers a good combination of value, growth and yield.
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