SingTel downgraded to 'hold' with target price of $4.16 by OCBC

Stock Name: SingTel
Company Name: SINGTEL

Research House: OCBC

Price Call: HOLD

Target Price: 4.16

SINGAPORE (Feb 13): OCBC Investment Research has downgraded SingTel to "hold" from a "buy" call and lowered its target price to $4.16 as the weakening AUD against the SGD could remain a near to medium-term concern for the group.

In 3Q, the average weighted AUD rates used in operating revenue was 4.4% y-o-y lower and 4.3% lower in underlying net profit, respectively.

SingTel reported 3Q revenue of $4427 million, up 3.8%, led by strong mobile data growth across businesses and also robust demand for new smartphones like the Apple iPhone 6 and 6+.