UOBKayhian on 6 June 2014
FY14F PE (x): 16.0
FY15F PE (x): 14.7
Telkomsel: Cheaper and better smartphones boost data traffic. Telkomsel has
experienced an accelerated pace of increase in data traffic since Oct 13. Data traffic
increased by 142% yoy in 1Q14. This is likely to have been triggered by the enhanced
quality of its network and availability of low-cost smartphones priced below US$100.
Quality of China-made smartphones, such as Cross, has improved significantly. We
have rolled forward our valuation to FY15. Our target price for SingTel is S$4.10
based on DCF (required rate of return: 6.2%, terminal growth: 1.0%).
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