SingTel

SingTel: Morgan Stanley stays O/w, citing positive development in key markets. Continue to recommend accumulating the stock at current levels, the preferred telco stock in Spore and top name in ASEAN telcos ex-Indonesia. 3 recent data points that warrant a revisit to the stock: Note that competitive environment in India continues to improve with two rounds of price increases since Nov 2012 and concerns over price war in Indonesia over the data space are exaggerated and Telkomsel in particular has managed to sustain its growth momentum in 4Q12. The introduction of tiered pricing in Spore has continued, and recent release of 4Q12 results from M1 suggests improvement in revenue growth as customers migrate to tiered data plans.