Brokers' take

Singtel | Hold (downgraded) July 8 close: S$3.48 Target price: S$3.60 DBS Equity Research, July 8

Singtel's holding company (hold-co) discount has narrowed to 17 per cent from a high of 35 per cent with the recent rally in Singtel's share price.

Further upside may be limited on a number of factors. First, the hold-co discount is now close to the 5-year average of 14 per cent. Second, the dividend yield, which is below 5 per cent, may not appeal to yield hunters.