Tuesday, August 21, 2012
SingTel rebounds 2.7% to $3.38 on strong volume after a number of large trades. UOB KayHian notes that while there is no company specific news, the stock's correction recently has been fairly steep with the stock is still down more than 5% month-to-date. House also highlights that on a regional basis, there were other large-cap telcos that have done well as well due to overall bullishness on the sector as stable dividend yields have become more important. Adds there is a lot of gravitation towards the larger-cap telco stocks lately and SingTel’s recent pullback, triggered by the Moody's downgrade and some disappointment over its earnings, makes it a bit more attractive than a few weeks ago. The stock's Jul 31 intraday peak of $3.61 may offer a near-term cap.