Singtel

Singtel: Nomura maintains Buy, and lifts TP to $4.50 from $4.05. Note that Singtel's diversified cashflows protect the downside, while earnings from associates provide potential upside. Expect ST's underlying EPS to grow after 3 years of declines, Its' other businesses are also trending well, such as double-digit earnings trends at Telkomsel or improving cost controls at Optus. Sssuming 2-3% pa EBITDA growth each for its wholly owned businesses for the next few years. On the macro front, ST has a solid FCF, dividend yields and liquidity and it is still at a 11% discount to regional peers.