CGS-CIMB Research analysts Foong Choong Chen and Sherman Lam Hsien Jien have kept their ‘add’ call and target price of $3.10 for Singapore Telecommunications (Singtel) ahead of its 2HFY2021 ended March results release on May 27.

The analysts believe Singtel’s 2HFY2021 core net profit will come in at $930 million - $940 million, an 18%-19% decline y-o-y, mainly due to Telkomsel, Optus, Globe and Singapore operations. However, the anticipated core net profit represents an 11%-12% growth h-o-h, which the analysts attribute to improved Bharti and Optus performances.

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