UOBKayhian on 15 Nov 2013
(ST SP/HOLD/S$3.78/Target: S$3.68)
FY14F PE (x): 17.6
FY15F PE (x): 16.3
SingTel reported underlying net profit of S$884m (-0.2% yoy) for 2QFY14, in line with our expectations. Group Consumer. Revenue contraction was due to the Australia consumer business, which accounted for 78% of revenue and suffered a 10% depreciation of the A$ against the S$. Mobile revenue in Singapore grew 6.5% yoy but mobile revenue from Australia declined 5.3% yoy. SingTel gained 84,000 mobile subscribers in Singapore but lost 38,000 mobile subscribers in Australia. Maintain HOLD. Our target
price is S$3.68, based on sum-of-the-parts methodology.
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