SingTel
earnings estimates as we adjust for currency effects.
We have also adjusted for recent changes to Bharti Airtel estimates (click here for note).
Net/net, our FY14E EBITDA is adjusted by -2% and FY15E by -1.9%, while our EPS estimates are trimmed by 3.3% and 6.3% respectively for the two years.
Incorporating these earnings changes and eliminating a 10% holding company discount previously attributed to associate holdings (given sustained (and rising) dividend flow from the associates), leads to an unchanged SOTP-based price target of S$4 for SingTel.
We have also adjusted for recent changes to Bharti Airtel estimates (click here for note).
Net/net, our FY14E EBITDA is adjusted by -2% and FY15E by -1.9%, while our EPS estimates are trimmed by 3.3% and 6.3% respectively for the two years.
Incorporating these earnings changes and eliminating a 10% holding company discount previously attributed to associate holdings (given sustained (and rising) dividend flow from the associates), leads to an unchanged SOTP-based price target of S$4 for SingTel.
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