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Singapore Telecommunications (ST SP) Optus Benefits From Three Nationwide Outages At Telstra
The three nationwide outages suffered by Telstra in May will dent its reputation for network quality and reliability built over the years. Optus is likely to maintain its growth momentum and continue to gain market share at the expense of Telstra. Optus has enhanced its network coverage and gained traction in regional Australia. It also differentiates through bundling captivating content, such as EPL, NatGeo and Cricket Australia. Optus is the largest contributor to earnings accounting for 28.5% of group PBT in 4QFY18. Maintain BUY and target price of S$4.22.
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Yongnam Holdings Major North-South Corridor contract won
■ Yongnam-Leighton Contractors JV won the contract for the North-South Corridor (tunnel) package N103, with the lowest bid of S$553.8m. ■ This boosts Yongnam's order book to S$358m, above its 3-year average (c.S$290m), based on 30% stake in the JV plus c.S$50m strut order. ■ Revenue recognition could start in 1Q19F
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Silverlake Axis Fintech innovation accelerator
• Provides core banking and insurance system implementation to improve efficiency and address digital disruption challenges • Turnaround in sight with growing project orderbook • High recurring revenue; high margins • Fair value of S$0.65 based on 22x FY19F PE
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Check out our compilation of Target Prices
