Thursday, September 16, 2010

SingTel

SingTel: Morgan Stanley upgrades to Overweight from Equalweight, lifts target price to $3.60 from $3.30. Highlights telco is benefiting from rapid smartphone adoption in the wireless data market for Spore & Australia. Stock is currently trading at 8% discount to NAV with Spore/Aust stub valuation trading at historically low implied 2011 EV/EBITDA of 5.8x. Adds, concerns over competition in Aust & the threat of Spore’s high-speed broadband network largely priced in.

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