Singtel

Singtel: Barclays maintains O/w with $3.45 TP. House expect a flattish earnings profile for SingTel in FY13, but see solid 8% 3yr earnings CAGR thereafter. Expect a 70% payout on estimates is 5.3% yield off FY13E earnings, growing to 6.2% in 2yrs as earnings grow. Potential asset monetization points to further upside through potential special dividends into FY14E.