SingTel still CIMB’s ‘preferred’ local telco though 'slightly under pressure' in FY17

SINGAPORE (June 21): CIMB is keeping Singapore Telecommunications (SingTel) at “add” with an unchanged target price of $4.50, despite only expecting the telco to see growth in FY18-19.

CIMB analyst Foong Choong Chen said in a Monday report that SingTel is still CIMB’s “preferred pick” for Singapore telcos.

SingTel is expected to see better medium-term earnings growth outlook compared to its competitors, and is also likely to suffer the least impact from the potential entry of a fourth mobile network operator.

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