Singtel

Singtel: UOB Kay Hian maintains Hold with $3.79 TP. House note that fears over tapering of QE3 and outflow of funds from emerging markets led to a 7.9% depreciation of the Indian rupee against the Singapore dollar. In addition, the Australian dollar has also declined 10.2% against the Singapore dollar. House have updated our SOTP valuation based on the latest exchange rates.