CGS-CIMB Research is keeping its “add” recommendation on Singtel with an unchanged target price of $3.10. 

In a Feb 9 report, lead analyst Foong Choong Chen expects Singtel’s upcoming 3QFY2021 results to record group EBIT (including regional associates’ PAT) of $605-615 million, 23-25% lower y-o-y, mainly due to Singapore, Optus and Telkomsel, partly buffered by smaller Bharti losses.
On a q-o-q basis, Foong expects the gauge to slide 4-6% on weaker Singapore Consumer, Group Enterprise and Bharti performance.

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