Monday, April 17, 2006

Stock Upgraded: Singtel fair value raised to 2.95 sgd by Citigroup

Citigroup has raised its fair value estimate for Singapore Telecommunications Ltd to 2.95 sgd per share from 2.90 on expectations of better earnings and dividend payout for the year ended March 31. While the operating environment in Australia remains tough for unit Optus, Citigroup said the deconsolidation of loss-making C2C should enhance SingTel's earnings. Citigroup said it also expects SingTel to announce a special dividend of 0.10 sgd per share on top of a 0.09 sgd ordinary dividend when the company announces its full-year results next month. At 10.18 am, SingTel was down 0.02 sgd or 0.74 pct at 2.67 with 4.03 mln shares changing hands.

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