Latest Forum Topics / SingTel Last:3.2 -0.05 | Post Reply |
Singtel
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Chuaryan
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06-Jul-2007 10:26
Yells: "A retiree investing for the mid to long term" |
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Hi karimchong, see Corporate Action by Company at SGX website, http://info.sgx.com/stkannc.nsf/revamp+new+corporate+actions+by+company?OpenView&RestrictToCategory=S |
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karimchong
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06-Jul-2007 10:04
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Halo Gurus out there, Can somebody enlighten me on "CD" sign of Singtel share? When the dividend will be paid out? Thanks a lot! |
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KiLrOy
Master |
03-Jul-2007 22:42
Yells: "I buy only what I can see." |
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I can't see how she can influence the decision that was made sometime back. I may be wrong then. :) | |||||||||||||
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s5504703
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03-Jul-2007 19:46
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Pinnacle
Master |
02-Jul-2007 13:58
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Has the new lady CEO made an expensive decision? | |||||||||||||
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Pinnacle
Master |
02-Jul-2007 13:56
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CIMB Singapore Telecommunications (S$3.40) - Expensive growth Acquisition of 30% stake in Warid SingTel has successfully beaten rivals MTN of South Africa and Britain?s Vodafone for the 30% Warid stake. Warid is Pakistan?s 3 rd largest mobile phone operator with 16.6% market share. Key highlights of the deal:? US$758m cash deal, of which 50% is for subscription of new shares and 50% vendor sale by owner, Abu Dhabi Group.? Deal values Warid at EV/Sub at US$299.? Warid is EBITDA positive at US$15m for 9M07 (ended Mar 07) on revenue base of US$232m or EBITDA margin of 6.5%.Comments Expensive. The key take-away from our conference call with management is that SingTel has overpaid for Warid and we believe SingTel would find it challenging to deliver an acceptable shareholder return for this investment. While the deal looks reasonable at EV/sub of US$299 when regional peers range from US$229 to US$930, a closer look on an EV/revenue basis suggests that the deal is rich relative to regional peers. In our opinion, the EV/sub comparison fails to take into account the differences in profitability derived from each subscriber among different telcos. While we think EV/EBITDA would be a better valuation comparison for emerging telcos, we have used EV/revenue as Warid has just achieved profitability at the EBITDA line.SingTel?s acquisition values Warid at around 9.4x CY07 EV/revenue while the 3 listed Indian mobile operators are valued at 5-7x CY07 EV/revenue, as shown on Figure 1 below. The deal also looks pricey relative to peers in the Indonesian market which has similar penetration and growth rates but are only valued at close to 3.0x CY07 EV/revenue. The 30% stake in Warid also looks expensive compared to Vodafone?s recent acquisition of Hutch Essar, which was valued at 7.5x EV/revenue for a controlling 67% stake. Warid?s low EV/sub of US$299 masks the fact that Pakistan is a very competitive market, arguably more competitive than India and Indonesia. Mobile number portability was introduced in Pakistan earlier this year whereas Bangladesh, India, and Indonesia have not introduced MNP. ARPU of Mobilink, Pakistan?s largest mobile operator with 44% market share has fallen at a 3 year CAGR of 35% to US$4.90 as at end-2006. A comparison of ARPU across regional markets in Figure 2 shows that Pakistan mobile operators have the lowest ARPU, supporting our view that competition is particularly high in Pakistan. We are not surprised that profitability for mobile operators in Pakistan is notably lower than regional peers (Figure 3) as a result. Mildly earnings dilutive. Another take-away from the conference call is that Warid is not expected to be profitable over the next few years. While Warid?s net profit/loss figures were not disclosed, we believe the company is currently loss making, at about US$60m. We expect losses to remain at similar levels at best in the near term given limited scope to lift ARPU due to intense competition and as Warid rolls out its services to rural markets which offer lower incremental ARPU. In addition, depreciation expense for Warid is expected to rise as it incurs US$1bn in capex over the next 3 years to expand coverage to 80% from 60%. We tweak SingTel?s earnings downwards by 0.5 to 0.8% for FY08-10 to reflect our expectations for losses at Warid over the next 3 years.Valuation and recommendation Maintained Neutral, target price trimmed downwards to S$3.74 from S$3.75. Our sum-of-parts valuation (Figure 4) for SingTel is trimmed to S$3.74 as we apply a 25% discount to Warid?s acquisition value. This brings Warid?s EV/revenue valuation in-line with price Vodafone paid for Hutch Essar. We see limited scope for SingTel to outperform the STI on a 12-month horizon given the absence of a significant catalyst and maintain our Neutral call. |
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Pinnacle
Master |
02-Jul-2007 10:20
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SingTel said it was asked to appear together with its unit Singapore Telecom Mobile Pte before the Republic of Indonesia Commission for Supervision of Business Competition on allegations that its parent company had violated 'business competition matters'. Oops... |
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s5504703
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01-Jul-2007 22:23
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any price below 3.4 can consider buy in | |||||||||||||
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bensonho
Member |
01-Jul-2007 17:19
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i wonder when singtel will launce it IPTV | |||||||||||||
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bensonho
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01-Jul-2007 12:51
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wat price to pick up is stable | |||||||||||||
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s5504703
Member |
01-Jul-2007 11:37
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Hope the bad news from Indonesia will turn into an opportunity. | |||||||||||||
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KiLrOy
Master |
29-Jun-2007 17:09
Yells: "I buy only what I can see." |
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Another funky farnie ending price for today. hehehe. | |||||||||||||
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KiLrOy
Master |
29-Jun-2007 10:38
Yells: "I buy only what I can see." |
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Its not the Warid Telecom that is in focus but rather Abu Dhabi Group which is comprises of Iraqi commerial business companies in the war battled zone of Baghdad. I guess the outcome maybe derived from the recent Minister of State for Trade and Industry MOU with AD. http://app.amed.sg/internet/amed/read_content.asp?View,452, Abu Dhabi described as another Xanadu by itself is no doubt one of the richest city in UAE. ---- Wateen Telecom is part of Warid Telecom International LLC, an Abu Dhabi Group company led by His Highness Sheikh Nahayan Mabarak Al Nahayan. The group is one of the largest in the Middle East and has diversified business interests comprising oil and gas exploration, hospitality services, communications, banking, financial services, automobile industry and property development. The group has a large presence in the Pakistani market. Owing to the significant patronage from the Abu Dhabi Group, Wateen Telecom, as part of the Warid International Group Company, benefits from an immensely strong portfolio of distinguished shareholders including: ? His Highness Sheikh Nahayan Mabarak Al Nahayan, Member of the Royal Family of Abu Dhabi, Minister for Higher Education and Chancellor of the Higher Colleges of Technology and University of Al-Ain ? His Excellency Sheikh Suroor Bin Mohammed Al Nahayan, Chamberlain of the Royal Amiri Courts and Member of the Royal Family of Abu Dhabi ? His Highness Sheikh Hamdan Bin Zayed Al Nahayan, Member of the Royal Family of Abu Dhabi, Deputy Prime Minister of UAE and Minister of Foreign Affairs, UAE ? His Excellency Sheikh Mohammad Bin Butti Hamid Al Hamid, Ruler Represen-tative for the Western Region of the Emirate of Abu Dhabi and Ex Chairman of Abu Dhabi Municipality and Town Planning ? His Excellency Sheikh Saif Bin Muhammad Bin Butti Hamid Al Hamid ? H.E. Sheikh Saeed Bin Nahayan Mabarak Al Nahayan ? Mr. Omar Ziad Jaafar Al Askari, Director United Bank Limited, Pakistan ? M/S Electro Mechanical Company LLC, Representative of M/S Siemens in Abu Dhabi, UAE |
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1234567
Senior |
29-Jun-2007 00:09
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News from Teletext (channel 5, page 211) .... SingTel has agreed to buy a 30% stake in Pakistan's third largest mobile phone operator, Warid Telcom. The deal is valued at US$758m or almost S$1.2b. In its statement, SingTel says the investment is part of a strategy to support Warid Telecom's continued growth and to enhance its market position. Warid Telecom is part of the Abu Dhabi Group. According to earlier media reports, the Abu Dhabi Group will still hold the remaining 70% stake in Warid Telecom. |
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Manikamaniko
Senior |
28-Jun-2007 22:42
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Will VoIP hit the telcos hard ?...
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KiLrOy
Master |
28-Jun-2007 22:23
Yells: "I buy only what I can see." |
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AT&T took exclusivity on the iPhone in US for 3 years and Verizon didnt. AT&T shares has been going up but not Verizon. Helo Singtel! Whats your stance on the up coming iPhone?!? Its gonna hurt your conventional mobile and landlines to some degree when this thingy blast off. *wink* |
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s5504703
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28-Jun-2007 20:12
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http://stocks.us.reuters.com/stocks/recommendations.asp?symbol=STEL.SI&WTmodLOC=L2-LeftNav-24-Recommendations Singtel outperform...some good news may be coming soon...heehee |
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s5504703
Member |
28-Jun-2007 19:36
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Like what I had said....patient....hold ground...slow and steady is good. | |||||||||||||
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Manikamaniko
Senior |
28-Jun-2007 19:33
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Somehow today's rather impressive rise (actually a 'cheong' of sorts) on miniscule volume doesn't look too promising... Especially if one looks at the impressive volumes in the preceeding sessions with huge volume but low prices.... Can it be retail players doing 'bargain haunting' ? |
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KiLrOy
Master |
28-Jun-2007 18:13
Yells: "I buy only what I can see." |
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So it decided to move its butt today with a 'farnie' closing price of 3.50. Lets see how this beast tackle the two resistances - 3.52 and 3.60. My price target is still 3.58 unless it can break the @#$$%!!! 3.60 resistance convincingly. |
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