SINGAPORE (Nov 11): RHB is maintaining its “neutral” call on Singtel with a target price of $4 as valuations are fair given the competitive pressure it faced in Australia coupled with its decent dividend yield.
Singtel is facing headwinds in Australia over pricing aggression, particularly from mobile virtual network operators.
The prepaid market in Australia is also heating up, with Telstra raising the stakes with a A$10 prepaid starter pack with 6GB data including 5GB bonus data, while Vodafone is giving out 3GB for every A$30 top-up.
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