Written by The Edge
Wednesday, 18 August 2010 12:25
SingTel (Z74.SG) unable to build on initial gains, down 0.3% at $2.93 vs +0.7% at $2.96 earlier, says Dow Jones.
Stock has been slipping since reaching $3.17 high earlier this month, with bland June-quarter results, cautious guidance reported last week further sapping interest.
Having drifted in $2.90-$3.20 band for more than a year, “we see little reason for SingTel to break out of this range on a sustained basis either to the upside or downside,” says Deutsche Bank, which has Hold call with $3.26 target.
Macquarie, which has Neutral call with $3.16 target, says telco’s associates will continue to be key overhang on stock given rising competitive pressure, while Singapore’s upcoming high-speed national broadband network could erode SingTel’s market share in corporate data space.
No comments:
Post a Comment