SingTel (Z74.SG) off 1.0% at 2-week low of $3.07, likely to end down for 4th straight day, continues to underperform most other Singapore blue chips; stock +1.9% in September vs STI +5.0% last month, says Dow Jones.

Being low beta, stock tends to perform less well than higher-risk names when market bullish. But even when market less upbeat, interest in telco generally still subdued given increasingly fierce competition in Singapore, overseas markets, even though headwinds already well flagged by company, analysts.

“Guidance that earnings from domestic Singapore operations would decline in FY11 and competition in India, Indonesia and Australia prevent us from getting bullish on the stock,” says UOB KayHian, which has Hold call, $3.12 target. September low of $3.03 expected as support.