Singtel and Ascendas India Trust

Singtel and Ascendas India Trust: DBS highlights both companies who will benefit from the INR (Indian Rupee) appreciation against the SGD which is approx 8% after Indian govt announced financial reforms. Singtel has significant exposure to INR through Bharti. Translation gains of US$500m-1b are estimated at Bharti through its foreign debt. Singtel's share of this shld be about one-third. Another counter highlighted Ascendas India Trust should also benefit through translation movements for its distribution income. CS highlighted the INR yday for Singtel as well but views it negatively as on average, throughout the quarter depreciation against SGD has occurred which will impact its Nov results.