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Brokers' Take

Published Fri, Nov 25, 2016 · 09:50 PM

Singtel > Buy

OCBC Investment Research, Nov 25

Nov 25 close: S$3.75

Target price: S$4.27

SINGTEL last week announced that it has completed 1) the acquisition of shares in Intouch Holdings (Intouch) and Bharti Telecom Ltd (BTL) and 2) placement of shares in Singtel to Temasek.

As a result of these transactions, we are also updating our assumptions to incorporate 1) about 2.4 per cent share dilution arising from the share placement, 2) assumption that the remaining S$0.86 million will be funded in equal proportion through internal cash and short-term debt, and 3) slightly higher share of resu…