Brokers' take

Singapore telcos | Negative Maybank Kim Eng Research, Sept 5

WE downgrade M1 from "hold" to "sell" and StarHub from "buy" to "hold", while Singtel remains a "hold", after the Infocomm Development Authority of Singapore received three bids for the fourth telco licence. The appearance of three bidders, as well as TPG Telecom, which is known as an upstart challenger to the incumbents in home market Australia, drives our previously neutral view to an outright negative one. We cut target price for M1 from S$2.94 to S$2.15, StarHub from S$4.15 to S$3.52 and Singtel from S$4.41 to S$3.70.

Office Reits | Neutral RHB Research, Sept 5