SingTel

SingTel: Announced management changes. Deutsche reads that this appears to be a return to country model than functional business lines, and thinks the reversion could be better to sharpen focus. On Digital Life, the appointment of Jonathon Auerbach, ex-McKinsey Asia TMT head seems reasonable as Digital Life needs a more media/tech executive, than a someone with a telco background, as they’re currently focusing on building market share. Meanwhile, Allen Lew (ex Digital Life CEO, new CEO of Consumer Australia & Optus) has a good reputation for building share. This would bode well for Australian operations, esp Optus. Deutsche believes Optus is going into another golden period, where market share gain can be driven rhough network upgrades, additional spectrum and superior pricing.