In his April 13 note, Saifee says that the medium term thesis for Bharti Airtel remains intact. In India, with essentially two strong players, rational competition remains order of the day.
Bharti Airtel's share price, whose gains over the past two years have helped nudged along that of Singapore Telecommunications, has corrected by just over 10% year to date, as tariff hikes may be delayed by around 6 months because of the woes in the Middle East.
Yet, Hussaini Saifee of Maybank Securities has maintained his "buy" call and $5.25 target price on Singtel, whose own share price is slightly off its recent high, as an opportunity to "accumulate" as Singtel’s story looks "delayed, not derailed."
