Equity Analyst, TMT & Energy Specialist

HL Tan

Equity Bottom-Up

Singtel (Singapore Telecommunications) / Equity Bottom-Up

Pokémon Go application usage has surpassed the average time per day spent on Facebook, Whatsapp, Instagram, Twitter, Tinder and Snapchat in the USA, according to SimilarWeb. With Asia and Europe catching the new phase of Pokémon Go wave, we expect higher or excess data usage to provide tailwinds to Singapore telcos' EBITDA and FCF in the near term.<ul><li>
How much data does 'Pokémon Go' application consume? Based on live game testing estimates in the USA, Pokémon Go consumed 10MB-20MB/hour of data per…</li></ul>

Pokémon Go application usage has surpassed the average time per day spent on Facebook, Whatsapp, Instagram, Twitter, Tinder and Snapchat in the USA, according to SimilarWeb. With Asia and Europe catching the new phase of Pokémon Go wave, we expect higher or excess data usage to provide tailwinds to Singapore telcos' EBITDA and FCF in the near term.
How much data does 'Pokémon Go' application consume? Based on live game testing estimates in the USA, Pokémon Go consumed 10MB-20MB/hour of data per…

Singapore Telcos - Catching the 'Pokémon Go' Wave

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

Singtel (Singapore Telecommunications) / ESG

Trustwave, a Chicago-based business Singtel bought last September, generated S$147 mln in operating revenue, but a S$27 mln net loss for the six months to 31 March 2016 (including amortisation of intangibles and acquisition finance costs). These details were provided on page 104 of the Annual Report.Page 136 of the Annual Report states that of the acquisition price of S$1,084m, S$1,069m has been booked as goodwill as at 31 March 2016.  In line with accounting standards, Singtel performs annual…

Trustwave, a Chicago-based business Singtel bought last September, generated S$147 mln in operating revenue, but a S$27 mln net loss for the six months to 31 March 2016 (including amortisation of intangibles and acquisition finance costs). These details were provided on page 104 of the Annual Report.Page 136 of the Annual Report states that of the acquisition price of S$1,084m, S$1,069m has been booked as goodwill as at 31 March 2016.  In line with accounting standards, Singtel performs annual…

Four years into its transformation strategy, Singtel says it will take more time for its new ventures to contribute to profits.Its Group Digital Life unit, which includes advertising firm Amobee and OTT video joint venture HOOQ, generated S$454 mln in operating revenue. This was a 45.3% improvement on the previous year, but is still a fraction of the nearly S$17 bln in group revenue, which was down 2%.Trustwave, a Chicago-based business it bought last September, generated S$147 mln in operating revenue, but a S$27 mln net loss including amortisation of intangibles and acquisition finance costs. These details were provided on page 104 of the Annual Report.An earlier version of this report said Singtel had written off its Trustwave acquisition. This is incorrect. I am sorry for the error.

Four years into its transformation strategy, Singtel says it will take more time for its new ventures to contribute to profits.Its Group Digital Life unit, which includes advertising firm Amobee and OTT video joint venture HOOQ, generated S$454 mln in operating revenue. This was a 45.3% improvement on the previous year, but is still a fraction of the nearly S$17 bln in group revenue, which was down 2%.Trustwave, a Chicago-based business it bought last September, generated S$147 mln in operating revenue, but a S$27 mln net loss including amortisation of intangibles and acquisition finance costs. These details were provided on page 104 of the Annual Report.An earlier version of this report said Singtel had written off its Trustwave acquisition. This is incorrect. I am sorry for the error.

Singtel: Transformation Will Take More Time

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Morningstar

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As a result of disappointing earnings year-to date, management lowered its 2016 guidance for net profit to “single-digit decline” from “stable performance.” We downgrade our near-term earnings forecasts by 4%-5%. The share price has risen by around 16% over the past month, presumably due to press reports that the likelihood of new entrants raising the required money to enter the market has reduced.We have always maintained the raising money for a fourth entrant into the mobile market would be difficult and have only contemplated a new entrant in or bear case scenario. The new entrants maintain they are on track to raise the funds but of course we would expect them to maintain that stance publicly even if they were struggling. The current dividend yield of 5% looks attractive, particularly as interest rates decline.Analyst: Dan Baker

As a result of disappointing earnings year-to date, management lowered its 2016 guidance for net profit to “single-digit decline” from “stable performance.” We downgrade our near-term earnings forecasts by 4%-5%. The share price has risen by around 16% over the past month, presumably due to press reports that the likelihood of new entrants raising the required money to enter the market has reduced.We have always maintained the raising money for a fourth entrant into the mobile market would be difficult and have only contemplated a new entrant in or bear case scenario. The new entrants maintain they are on track to raise the funds but of course we would expect them to maintain that stance publicly even if they were struggling. The current dividend yield of 5% looks attractive, particularly as interest rates decline.Analyst: Dan Baker

M1's Downgrades 2016 Guidance Due to Over-The-Top Messaging Service Erosion

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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We recently met telecom operators in India and came away with a relatively optimistic outlook. Our top pick remains <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953">Bharti Airtel </a>(Bharti) but we are positive on the overall industry as well, notwithstanding the looming threat of Reliance Jio's entry. Competition appears to be relatively benign with the major change recently being a refocusing of strategy from <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678">Idea Cellular</a> (IDEA) from price and volume to more of a profit focus. Bharti appears to be the key beneficiary of the India market repair…

We recently met telecom operators in India and came away with a relatively optimistic outlook. Our top pick remains Bharti Airtel (Bharti) but we are positive on the overall industry as well, notwithstanding the looming threat of Reliance Jio's entry. Competition appears to be relatively benign with the major change recently being a refocusing of strategy from Idea Cellular (IDEA) from price and volume to more of a profit focus. Bharti appears to be the key beneficiary of the India market repair…

Indian Telcos: Optimistic Outlook as IDEA Reduces Price Competition

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Singtel (Singapore Telecommunications) (ST SP)

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Singtel (Singapore Telecommunications) (ST SP)

Singapore Telcos - Catching the 'Pokémon Go' Wave

Pokémon Go application usage has surpassed the average time per day spent on Facebook, Whatsapp, Instagram, Twitter, Tinder and Snapchat in the...

HL Tan

Correction: Trustwave Goodwill in Tact

Trustwave, a Chicago-based business Singtel bought last September, generated S$147 mln in operating revenue, but a S$27 mln net loss for the six...

Mark Laudi • Investor Central

Singtel: Transformation Will Take More Time

Four years into its transformation strategy, Singtel says it will take more time for its new ventures to contribute to profits.Its Group Digital...

Mark Laudi • Investor Central

M1's Downgrades 2016 Guidance Due to Over-The-Top Messaging Service Erosion

As a result of disappointing earnings year-to date, management lowered its 2016 guidance for net profit to “single-digit decline” from “stable...

Morningstar, Inc.

Indian Telcos: Optimistic Outlook as IDEA Reduces Price Competition

We recently met telecom operators in India and came away with a relatively optimistic outlook. Our top pick remains Bharti Airtel (Bharti) but we...

New Street Research

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