Singtel: Philippines telco peer PLDT drops 10.5% today following the release of a lacklustre set of 4Q15 results. Some market watchers may fear that the disappointing set of results may affect Singtel's Philippines' associate 47.2%-owned Globe, but we believe it is a company-specific issue at PLDT.
Details below:
- PLDT swung into 4Q15 net loss of 3.27b peso (US$69m) in 4Q15, mainly from asset impairment, FX losses and higher financing costs.
- At 4Q15, Globe contributed just 4% to Singtel's underlying net profit.
- At the top line, 4Q revenue from PLDT's mobile segment saw strong adoption of data services, pretty much in line with what Singtel saw.
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