SINGAPORE (Aug 15): RHB is keeping Singtel at “neutral” but raising its target price to $4.00, from $3.70 previously.
Singtel’s valuations are “already fair,” says RHB’s Singapore research team in a report on Aug 12. The Telco’s share price has risen 19% year-to-date, outperforming the benchmark Straits Times Index by 17%, RHB added.
Singtel reported underlying earnings growth of 7% for the first quarter ended June to $954 million from a year ago.
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