Singtel

Singtel: At its Investor Day, SingTel said it plans to list its investments in the digital space to unlock value. The growth driver across the group is mobile data via bundling of services in more developed markets while it is dependent on lower smartphone prices in emerging markets. It wants to focus more on monetizing pay TV subscribers in Singapore and less on acquisition. SingTel remains an Underperform with an SOP-based target price of $3.23. Likely derating catalysts are earnings disappointment and regulatory developments in India. Overall, CIMB maintains U/p with $3.23 TP.