SingTel

SingTel: Morgan Stanley reiterated Overweight on SingTel, anticipating a turnaround in Optus after the appointment of Allen Lew as Optus CEO. Allen Lew has a good track record in his previous stints in AIS (1998-2001), Optus Mobile (2001-2006) and Singapore (2006 – present), where his focus on market share saw increases of 700-800bps, 400-500bps and 250-300bps in market shares respectively. The on-boarding of Jonathan Auerbach, an ASEAN TMT expert from McKinsey, as CEO of Group Digital Life may signify a welcoming shift from M&A to “organic execution”. Currently MS has $4.50 price target on SingTel.