Singtel

Singtel: UOB Kay Hian maintains Sell with $3.41 TP. House We attended SingTel Investor Day on 15 Mar 13. The presentation was organised around the new organisation structure with three business units, namely Group Consumer, Group Enterprise and Group Digital Life. The revamp was orchestrated to take advantage of new emerging trends and to improve customer experience. Grp note that the series of presentations helped clarify the new organisation structure. Unfortunately, SingTel continues to confront slower growth in SG and Aus. In particular, margins for Singapore continue to be under pressure. Continued investment in start-up co’s contributing to start-up losses almost immediately but has long gestation period.