SINGAPORE (Nov 9): CGS-CIMB Securities and DBS Group Research are maintaining their “buy” calls on Singtel with lower target prices of $3.40 and $3.59 respectively.

Both houses slashed their near-term forward estimates after the telco missed expectations with its lower earnings of $667.2 million for 2Q19 with CGS-CIMB factoring in lower contributions from Optus, Telkomsel and Bharti while DBS expects weaker Singapore contributions.

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