TPG Sets Its Sights on SingTel's Home Markets, but FVE up to SGD 3.65 on Associates and Currency

Singtel's Results Broadly in Line With (Weak) Expectations Ahead of TPG's Entry

SingTel Keeping Most of the Netlink Trust Proceeds; FVE Down to SGD 3.55, Mainly on Currency

Starhub Q3 2016: Disappointing but Could Get a Whole Lot Worse

M1 3Q2016 : Depressing ARPU Trend To Spillover Into Comps ?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

SingTel’s third-quarter fiscal 2017 (quarter-ended September 2016) result was in line with our expectations with revenue declining by 1.5%, EBITDA flat and underlying net profit up 4.2%. Management made no changes to full-year fiscal 2017 guidance, after a slight guidance downgrade put through at the half-year result.Our fair value estimate reduces to SGD 3.50 per share from SGD 3.60 on lowered share prices of associates. We retain our narrow moat rating for the company. Our fair value implies a P/E ratio for SingTel of 14.7 times, which is slightly ahead of its average over the past 10 years. On our valuation, the associate businesses (including Netlink Trust) are worth slightly more than SingTel’s consolidated Singapore and Australian businesses. The stock remains a dividend play especially with a possible special dividend from the spin-off of Netlink Trust.Analyst: Dan Baker

SingTel’s third-quarter fiscal 2017 (quarter-ended September 2016) result was in line with our expectations with revenue declining by 1.5%, EBITDA flat and underlying net profit up 4.2%. Management made no changes to full-year fiscal 2017 guidance, after a slight guidance downgrade put through at the half-year result.Our fair value estimate reduces to SGD 3.50 per share from SGD 3.60 on lowered share prices of associates. We retain our narrow moat rating for the company. Our fair value implies a P/E ratio for SingTel of 14.7 times, which is slightly ahead of its average over the past 10 years. On our valuation, the associate businesses (including Netlink Trust) are worth slightly more than SingTel’s consolidated Singapore and Australian businesses. The stock remains a dividend play especially with a possible special dividend from the spin-off of Netlink Trust.Analyst: Dan Baker

SingTel Sees Pressure in Both Australia and Singapore; FVE Decreased to SGD 3.50 on Associate Moves