The rerating comes after Singtel’s recent completion of its purchase of an additional 1.7% stake in Bharti Telecom for $539.4 million, which effectively raised its stake in the latter’s subsidiary Bharti Airtel to 39.5% from 38.6% previously.
SINGAPORE (Mar 15): RHB is reiterating its “buy” call on Singtel given its underperformance over the past year following its selldown.
RHB has also updated the target price to $4.10 to reflect a higher effective stake in Bharti Airtel.
