Singtel
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Target price: S$4.50
Close: S$3.58
CIMB Research, Feb 12
THE earnings were in line with our expectations, with 9M FY2016 at 75.7 per cent of our FY2016 forecast.
We have maintained our earnings forecasts and sum of parts-based target price.
Singtel trades at a FY2017 forecast enterprise value/operational free cash flow multiple of 15.5 times and offers decent FY2016-18 dividend yields of 4.9-5.7 per cent.
The share price has slumped from its peak in mid-April 2015 on the back of general market...
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