Singtel

Singtel: DBSV has a read into Singtel coming results after subsidiary performances. Note that Bharti improved EBITDA but earnings were 20% below consensus due to forex losses and tax provisions. Strong results at Telkomsel and AIS likely to offset weakness at SingTel in 4Q12F. Separately, Optus proposed an 8% reduction in its workforce in order to counter slow revenue growth. Bharti and Telkomsel are expected to drive growth in FY13F with upside risk to house SingTel projections. Overall, maintain BUY for SingTel for offering mix of growth and 5.6% yield