UOBKayhian on 13 Feb 2015
FY15F PE (x): 17.5
FY16F PE (x): 16.3
SingTel reported net profit of S$970m for 3QFY15, ahead of our expectation of
S$933m. The good performance was achieved despite the depreciation of the
Australian dollar by 4.4% yoy against the Singapore dollar, which restrained
contribution from subsidiary Optus.
Maintain BUY. We are gratified by the rejuvenation at Optus following the injection of
new leadership through the appointment of Allen Lew as CEO. Growth from its regional
mobile associates in Indonesia, India, Thailand and Philippines looks set to continue.
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