Brokers' take

Singtel | Neutral Target price: S$4.00 May 18 close: S$3.76 RHB Research Institute, May 18

SINGTEL released its Q4 FY17 results on Thursday morning. FY17 core earnings formed 98 per cent and 100 per cent of our and consensus estimates respectively, in line with management's guidance. Key highlight was the weaker associate showing (Airtel hit by aggressive competition) that offset the growth in mobile data, ICT and digital revenues. An expected final dividend per share (DPS) of 10.7 cents/share (payable in August) brings FY17 DPS to 17.5 cents/share. This reflects a payout of 73 per cent, that is, at the higher-end of its guidance (60-75 per cent). Maintain "neutral" and S$4.00 target price (7 per cent upside).

Midas Holdings | Hold Target price: S$0.245 May 18 close: S$0.225 OCBC Investment Research, May 18