RHB Group Research is maintaining its "buy" call on Singapore Telecommunications (Singtel) with a target price of $3.37, while keeping the stock as its preferred telco exposure. 

In a Nov 12 report, the RHB research team says, "We expect a stronger 2HFY2022 ending March as the relaxation of travel restrictions should prop up mobile revenue. Airtel’s stellar performance should sustain, while the focus on the Asean B2B business and tailwinds from industry digitalisation initiatives will bolster enterprise revenue."

Singtel has reported earnings of $954 million for its half year ended Sept 30, double from the year earlier period, driven by better showing from its regional associates and improvements in the operating environment.

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