Singtel Likely to Benefit From Thai Associate's Merger Deal -- Market Talk

Dow Jones2024-07-18

0808 GMT - The merger of Singtel's Thai associate Intouch with its largest shareholder, Gulf Energy, is positive for the Singapore telecom company, says Paul Chew, head of research at Phillip Securities Research in a note. The merger sees Singtel swapping its 24.99% stake in Intouch for a 9% stake in the new company and S$135 million in special dividends, Chew notes. While Singtel will receive lower dividend from Intouch going forward, Singtel now has a stake in a much larger and likely more liquid company, Chew says. Chew cuts Singtel's rating to accumulate from buy due to the stock's recent rally, but raises the target price to S$3.44 from S$3.00 after lowering the discount on associates as Singtel moves closer to its S$6 billion divestment target. Shares are 1.3% higher at S$3.06. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

July 18, 2024 04:08 ET (08:08 GMT)

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While Singtel will receive lower dividend from Intouch going forward, Singtel now has a stake in a much larger and likely more liquid company, Chew says. Chew cuts Singtel's rating to accumulate from buy due to the stock's recent rally, but raises the target price to S$3.44 from S$3.00 after lowering the discount on associates as Singtel moves closer to its S$6 billion divestment target. Shares are 1.3% higher at S$3.06. 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