SINGAPORE (Aug 10): Singtel’s 1Q19 core earnings may have missed expectations on protracted weakness of its associates and enterprise margin dilution, but the group remains RHB Research’s preferred exposure to Singapore telcos, given its diversified exposure and sustainable dividends.

RHB says management has maintained its prior guidance although it has trimmed its FY19-21 forecast core earnings by 7-9% after the results call to reflect weaker associate contributions for Airtel and Telkomsel, and lower margin assumptions for the enterprise business.

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