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| Symbol(s): |
STEL.SI |
| Date: |
9-Nov-09 |
| Author: |
Kelvin Goh CFA |
| Contributor: |
CIMB_GK Research Pte Ltd. |
| Title: |
Singapore Telecommunications-Associate and iPhone subsidy dampener |
| Document Size: |
6 pages |
| Price: |
$25 |
| Document Type: |
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| We expect SingTel to register a small 0-3% qoq decline but up 14-18% yoy in 2QFY10 core net profit of about S$915m-945, which is scheduled to be released on 11 Nov 09. This is below consensus’s S$976m. The expected key features of the results are: 1) a weaker contribution from Bharti due to competition in India and interest expense at Telkomsel, despite stronger currencies; and 2) weaker margins at SingTel Singapore and Optus due to subsidies on the iPhone 3GS. The robust yoy growth is due to a low base...
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