Latest Forum Topics /
SingTel
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Singtel Bullish???
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SuperLuckyCorn
Supreme |
28-Jan-2021 10:26
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Mid-Feb to End Feb target price SGD2.60 to 2.70 range
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vivacious
Supreme |
28-Jan-2021 09:55
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USD2 yes.
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nghonpo
Veteran |
28-Jan-2021 09:40
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Boss, you getting 1,000 lots?
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Skynet4321
Master |
28-Jan-2021 09:38
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Shall WE do a Wall Street GAMESTOP to short the shortists?  That will be real fun and exciting....
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danger
Supreme |
28-Jan-2021 09:27
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but will it see $2 first then $2.60 ?
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vivacious
Supreme |
28-Jan-2021 09:26
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of coz
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xorion
Member |
28-Jan-2021 08:04
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Moody' s rating - Possible to see $2.6 and higher soon?
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halleluyah
Supreme |
28-Jan-2021 07:58
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2.28 n below....
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hokpin
Supreme |
28-Jan-2021 07:56
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Buy on dips. Don' t miss the accumulating opportunity! | ||||
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danger
Supreme |
28-Jan-2021 07:48
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Will plunge back to $2 ? | ||||
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xorion
Member |
28-Jan-2021 07:42
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👍 💪
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vicloo
Supreme |
28-Jan-2021 07:28
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True... only way buy more on big deeps no choice
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danger
Supreme |
28-Jan-2021 07:06
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Many hoping for that $2.60 mark but panic selling soon | ||||
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Entropy72
Master |
27-Jan-2021 22:34
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You haven't seen the restructuring moves by new GCEO Moon on 1 Jan 21?
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look@bright
Elite |
27-Jan-2021 20:40
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Media Statement on Moody&rsquo s Announcements  links.sgx.com/FileOpen/MS-MoodyAnnouncements.ashx?App=Announcement& FileID=646313 |
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naoshingo
Elite |
27-Jan-2021 20:22
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Really?/ Listing of NCS? Serious? Where did this rumour come from?
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Entropy72
Master |
27-Jan-2021 20:19
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Singapore, January 27, 2021 -- Moody's Investors Service has affirmed Singapore Telecommunications Limited's (Singtel) senior unsecured rating of A1.
Moody's has also affirmed the (P)A1 rating on the backed senior unsecured Euro medium-term note programme as well as the A1 rating on all the backed senior unsecured notes issued by Singtel Group Treasury Pte. Ltd., under the unconditional and irrevocable guarantee from Singtel. At the same time, Moody's has changed the ratings outlook to stable from negative. "The affirmation of Singtel's A1 ratings reflects the company's leading market positions and regionally diversified cash flow stream from its stakes in various Asian mobile associates. The rating also recognizes the considerable unrealized value of investments that provide the company with significant financial flexibility," says Nidhi Dhruv, a Moody's Vice President and Senior Analyst. "The change in outlook to stable from negative reflects our expectation that reduced shareholder returns and the adoption of scrip dividend will help lower leverage to 2.4x-2.5x over the next two years, from 2.6x for the last twelve months ended September 2020," adds Dhruv. RATINGS RATIONALE Singtel's A1 rating continues to combine (1) its a3 baseline credit assessment (BCA), reflecting the company's underlying strength, derived from its well-established and geographically diversified business platform and (2) the credit support that Moody's believes Temasek Holdings (Private) Limited (Aaa stable), which owns 52.5% of Singtel, is likely to provide in a distressed situation, which results in a two-notch uplift from its BCA. Moody's does not expect a meaningful improvement in Singtel's underlying EBITDA over the next 12-18 months, as intense competition in Singapore and Australia, exacerbated by the impact of the coronavirus on handset sales, roaming and enterprise revenue, continues to pressure revenue and profitability in both markets. Singtel's capex requirements will also remain high in both Singapore and Australia, as it continues to expand its 5G network in both core markets. The company has guided to capex of SGD2.2 billion in the fiscal year ending March 2021 (fiscal 2021), and Moody's expects its capex to peak in fiscal 2022. However, after peaking at 2.7x in fiscal 2021, leverage will recover to 2.4x-2.5x over the next two years as the company has reduced its final dividend for fiscal 2020 by 49% and its interim dividend for fiscal 2021 by 25% to 5.1 cents per share. "Singtel has also introduced scrip dividend in an effort to conserve cash. Despite its high capex requirements, the commitment to lower dividend, if continued sustainably, should lead Singtel to positive free cash flow for fiscal 2021 and fiscal 2022," adds Dhruv, also Moody's Lead Analyst for Singtel. Moreover, Singtel has around SGD30.4 billion of unrealized value in investments in listed companies across various countries, which against its consolidated gross reported debt of SGD13.4 billion (as of 30 September 2020) translates into a coverage ratio (market value of listed investments/reported gross debt) of 2.3x and also somewhat mitigates the risk of higher leverage. Singtel could explore alternative capital management options, including the sale of non-core assets, listing some of its new businesses, and potentially issuing hybrid securities to strengthen its capital structure and credit profile. However, the company does not have a firm timeline for execution, which will also be driven by market dynamics, and will be subject to regulatory and shareholder approvals. Singtel has an excellent liquidity profile and no material debt maturities over the next 12 months. The company also retains very strong access to the bank and bond markets. The rating also considers the following environmental, social and governance (ESG) factors. Despite having a majority shareholder, governance risk for Singtel is largely mitigated because of the oversight provided by a board that consists of nine independent directors out of a total of eleven directors. Singtel is also listed on the Singapore Exchange and abides by the exchange's prevailing laws and regulations. The stable outlook reflects Moody's expectation that Singtel will maintain its dominant market position in Singapore, diversification of its earning streams and digitization initiatives will lead the company to a stable business and financial profile over the next 2-3 years. Moody's also expects Singtel to remain committed to sustainable levels of shareholder returns to support its aggressive capex plans. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings is unlikely given Singtel's capex requirements over the next 2-3 years. Nevertheless, the ratings could be upgraded if Singtel's overall profitability improves, coupled with an absolute reduction in borrowings, such that its adjusted gross debt/EBITDA (based on cash dividends being added back to core EBITDA) falls below 2.0x on a consistent basis, and adjusted EBITDA margin remains higher than 35% on a sustained basis. The ratings could be downgraded if Singtel's operating and financial profile remains weak, such that adjusted gross debt/EBITDA (based on cash dividends being added back to core EBITDA) is in excess of 2.6x, or EBITDA margin remains below 30%. The ratings could also be downgraded if the company undertakes further material capital returns in the near term, especially in conjunction with a cash/debt-funded acquisition, or if there is evidence of prospective weakness in the operating results of the company's core operations or in the cash dividends it receives from its overseas associates. In addition to the factors listed above, Singtel's ratings could also be downgraded in case of material changes in the ratings of its support provider, Temasek, or if Temasek reduces its shareholding in Singtel to below 50%. At the same time, industry developments that materially undermine Singtel's relationship with the government could also strain the ratings. |
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Entropy72
Master |
27-Jan-2021 20:04
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My Grandmother's House
https://youtu.be/Fe1JdwBh1j4 |
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Entropy72
Master |
27-Jan-2021 19:14
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Thumbs up!
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hokpin
Supreme |
27-Jan-2021 18:00
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Singtel re-affirmed Moody' s A1 Rating! | ||||
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