CGS-CIMB is keeping its “add” recommendation on Singtel with a target price of $3.10 after the research house hosted a virtual investor meeting for Singtel with Malaysian investors on September 8.

In a September 11 report, lead analyst Foong Choong Chen says, “Overall, our impression is that the near-term earnings outlook is challenging due to Covid-19 (roaming and Enterprise) and the still-tight mobile competition in SG and Australia, though 5G may help in the longer-run.”

The mobile SIM-only space has been experiencing intense competition, and Singtel said it is starting to stabilise as there have been no major sub movements to TPG’s network, while mobile virtual network operators have not gained much new subs traction.

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