Stock Name: SingTel
Company Name: SINGTEL
Research House: Phillip Securities
Company Name: SINGTEL
Research House: Phillip Securities
Phillip Securities cuts Singapore Telecommunications (Z74.SG) to Hold vs Buy, keeps fair value unchanged at $3.43 after phone operator announces 2Q net profit down 0.2% on-year due to lower contribution from associates, fair value losses on foreign currency liabilities, says Dow Jones.
Phillip Securities expects local rivals StarHub (CC3.SG), M1 (B2F.SG) to offer bigger discounts on services, forcing SingTel to respond. Also, Indian associate Bharti Airtel (532454.BY) faces intense competition.
SingTel last +0.3% at $3.
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