UOBKayhian on 29 Oct 2013
(ST SP/HOLD/S$3.77/Target: S$3.68)
FY14F PE (x): 17.6
FY15F PE (x): 16.3
Reshaping relationship with customers. Group Digital Life’s role is to broaden SingTel’s services beyond phone calls and text messages into areas like e-commerce transactions, advertisements, social interaction and
other content. SingTel has the critical scale with 476.8m mobile customers on a group-wide basis to launch new digital services. Maintain HOLD. Our sum-of-the-parts valuation is S$3.68.
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