UOB KAYHIAN |
DBS |
Singapore Telecommunications (ST SP) Expanding Fixed Broadband In Australia And Thailand
Optus is gaining market share in Australia and TPG Telecom’s commercial launch could be blunted by the lack of traditional voice services. For its regional mobile associates, Telkomsel seeks to restore pricing stability after the festive Ramadan season while AIS targets to garner market share of 20% in fixed broadband by 2020. Singtel provides certainty by promising ordinary dividends of 17.5S cents for the next two financial years. Maintain BUY. Target price: S$4.22.
|
APAC Realty Opportunity to accumulate Recent price weakness an opportunity to accumulate.
APAC’s share price has shed c.35% from its recent high in March this year. Current valuation is attractive at 9.5x forward PE or -1.5SD, which is even lower than the c.10x forward PE when it was listed in Sep 17. APAC is one of the purest proxies to ride on the uptrend in the Singapore property market. 2H18 earnings is expected to be stronger with more projects slated for launch. ERA is also able to secure a high market share for the projects that it has been appointed as marketing agent, as compared to other appointed agents. Its low risk fee-based business model enables it to ride on the property up-cycle and protects it in a down cycle. Furthermore, the recent acquisition of an office headquarters allows the group to build recurring rental income.
|
|
|
|
|
Check out our compilation of Target Prices