DBS Group Research is keeping its “buy” recommendation on Singtel with an unchanged target price of $2.69, following Bharti Airtel’s announcement of its 2QFY2021 results.

For the second quarter of FY2021 ended Sept 2020, Bharti recorded its sixth consecutive quarter of loss. But analyst Sachin Mittal is remaining positive on Singtel and its investment in Bharti as Bharti is showing some recovery.

For 2QFY2021, Bharti’s EBITDA came in at Rs 118.5 billion, an improvement of 32% y-o-y and 11% q-o-q, beating consensus expectations of Rs 108.7 billion. EBITDA margin also improved from 44.4% in 1QFY2021 to 46.0% in 2QFY2021.

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