SingTel

SingTel: BNP cites no catalysts in the near term, as competitive pressures faced by Optus could nullify relative stability in Singapore ops. For other associates, while fundamentally should operate in a stable manner, FX remains a risk. BNP expects the stock to trade sideways in the near term given lack of catalysts and stub valuations. BNP maintains Hold rating on SingTel with TP of $3.80