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【出版时间及名称】：2010年2月新加坡电信行业研究报告
【作者】：瑞士信贷
【文件格式】：PDF
【页数】：41
【目录或简介】：
NGN ready for launch: The roll-out of Singapore’s new generation
nationwide broadband network (NGN-BN) is now in full swing and retail
service providers are expected to launch their NGN services from April. We
see competition intensifying in the corporate market but likely to be more
muted than expected in the residential segment.
■ More positive stance: The sector has significantly underperformed the
market and valuations are increasingly attractive, in our view. We believe
that recent negative developments at SingTel have largely been discounted
following the stock’s underperformance over the past 6-12 months. Further,
we see potential positive catalysts on the horizon for the stock. These
include a potential special dividend in May and listing of Optus over the
medium term. We continue to view M1 as the key beneficiary of the
opportunities from the NGN-BN. On the other hand, we see NGN-BN
bringing about opportunities as well as threats for StarHub and the overall
outlook for the company remains more uncertain as competition intensifies.
■ SingTel is our sector top pick: We are assuming coverage of the
Singapore telecom sector with OUTPERFORM ratings on SingTel and M1
and a NEUTRAL on StarHub. Our sum-of-the-parts-based target price for
SingTel of S$3.72 represents 28% upside from current levels. Our DCFbased
target price of S$2.60 for M1 represents 29% upside from here. Our
DCF-based target price of S$2.45 for StarHub represents 15% upside from
current levels. SingTel is our top pick for the sector.
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