StarHub: Macquarie maintains Neutral, TP 3.04, citing no added returns for now.
Fully valued at a 6.7% net dividend yield for FY12E and trading at an adjusted FY12E EV/EBITDA of 7.9x. Believe investors seeking pure Singapore telco exposure are better of with M1, while those seeking growth should look to SingTel, which is executing well domestically and is a key beneficiary via 32% owned Bharti from reforms in the Indian telecoms market.
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