Friday, 15 August 2014

Singapore Telecommunications

UOBKayhian on 15 Aug 2014

FY14F PE (x): 16.5
FY15F PE (x): 15.1
SingTel reported net profit of S$835m, which is below our forecast of S$939m and
consensus estimate of S$925m due to: a) exceptional loss of S$46m from restructuring
costs at Optus and exceptional loss at Airtel, and b) increase in tax expense with
higher profits generated from India. Maintain BUY. We have lowered our target price
from S$4.30 to S$4.20, based on DCF (required rate of return: 5.95%, terminal growth:

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