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Associates' time to shine at Singtel

Zavier Ong
Zavier Ong8/11/2016 05:41 PM GMT+08  • 2 min read
Associates' time to shine at Singtel
SINGAPORE (Aug 11): CIMB is maintaining its “add” call for Singtel with a target price of $4.50, thanks to the performance of its overseas associates.
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SINGAPORE (Aug 11): CIMB is maintaining its “add” call for Singtel with a target price of $4.50, thanks to the performance of its overseas associates.

Despite weaker regional currencies, earnings from associates rose 19.4% largely due to a 31.1% increase in contribution from Telkomsel and a 23.9% improvement at Bharti, surpassing CIMB’s forecasts.

“1QFY17 associate earnings are a bit ahead of expectations at 27.9% of our FY17 forecast,” says CIMB analyst Chen Foong Choong.

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