Undervalued Singtel needs boost from stronger Optus performance: analysts
SINGAPORE telco giant Singtel : Z74 0% on Mar 13 rubbished a news report – for the second time in two months – claiming it intends to sell its stake in Australian subsidiary Optus.
The group said “there is no impending deal to offload Optus for the said sum”. It added that “Optus remains an integral and strategic part of the Singtel Group”.
Investors, however, appear to believe something could indeed be brewing. Shares in Singtel rose 4.2 per cent on Mar 13, and have continued to add another 1.6 per cent since then to close at S$2.52 on Wednesday (Mar 20).
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Telcos, Media & Tech
US says it raised concerns over AI ‘misuse’ with China
Google’s AI search revamp puts publishers in a quandary
Video game maker Ubisoft swings to full-year operating profit on record bookings
Brokers’ take: CGS downgrades Silverlake Axis to ‘hold’ as opex rises
Huawei flagship store surge in China signals showdown with Apple
Chinese firms make headway in producing high bandwidth memory for AI chipsets