Company Name: SINGTEL
| Research House: Barclays | Price Call: BUY | Target Price: 4.00 |
Barclays keeps SingTel (Z74.SG) at Overweight with a $4.00 target price after the house hosted management in meetings with institutional investors in Europe earlier this week.
One of the highlights of the meeting was that the management put the flagged $2 billion investments into the 'Digital Life' strategy in context: "a) it's a three-year plan and even at that, not a commitment to spend; (b) compares with network investments that have been guided for S$2.5 billion for a single year in FY14. Management indicated strict discipline around metrics and milestones in each case as driving further investment or exits," says the house.
It also notes that investor attention on the associates focused mainly on Bharti Airtel (532454.BY); management were positive in their outlook on the back of improving pricing climate and lower dealer commissions as competitive intensity improves. The stock is down 0.5% at $3.76.
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