SingTel: HSBC upgraded SingTel to Buy (TP: $4.39), citing a healthy upside from the current unfair discount to its valuations, as well as its relatively defensive business model in the event a fourth mobile player enters the Singapore market.
The house also believes that there is potential to unlock value of its Digital L!fe division eventually, through management's strategy to conduct partial stake sales and other market value discovery methods.
Currently, the stock is trading at a 14.8x PE, below its one-year average of 16.9x.
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