Brokers' take
Telecommunications | Underweight UOB Kay Hian, June 20
LIBERTY Wireless's mobile virtual network operator (MVNO) Circles.Life has showcased a new model for customer services, which is entirely based on its website, mobile app and live chat. It also differentiates itself through unlimited/free usage of WhatsApp for voice calls and messaging. Competition has intensified to secure more spectrum during the upcoming auction in Q4 2016. StarHub has amassed a war chest after raising S$300 million through its medium term note programme in May 2016 as it digs in for a tough fight. Maintain "sell" with target price of S$2.30. M1 would have to bid competitively to get its fair share of the 700MHz and 2500MHz frequency bands during the upcoming auction in Q3. Maintain "sell" with a target price of S$2.14. Singtel is our top "buy" as the mobile business in Singapore accounts for 13 per cent of group revenue (only 7 per cent if we include the proportionate share of associates' revenue). Maintain "buy" with target price of S$4.38. Maintain "underweight" on the telco sector.
CDL Hospitality Trusts | Buy June 20 close: S$1.42 Target price: S$1.51 DBS Group Research, June 20
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