DBS Group Research is keeping its “buy” recommendation on Singtel with a lowered target price of $2.69 from $2.85 previously. The research house has also dropped FY21/22 underlying earnings estimates by 18% and 6% respectively, due to weak Optus.

Optus is likely to witness a sharp dip in FY21 EBITDA with mild recovery in FY22, predicts analyst Sachin Mittal in a September 4 report.

Furthermore, Optus is likely to see an accelerated 5G capex spend compared to Singapore.

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