Singtel: Nomura and Deutsche maintain hold with $3.48 and $3.35 TP respectively. Note that cash outlook is very strong despite rising business complexities and strong cashflows, earnings mix and reasonable valuation of 12x are appealing, but with limited catalysts, hard to see it breaking the current trading range.
3 key challenges remain, which are
1) proliferation of data devices;
2) change in business models to go beyond just a dumb-pipe;
3) rising competition from non-traditional operators.
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