SingTel

[chimpy]

Thanks Drizzt for the great analysis.

I remember attending one of the FID roadshows by Singtel some months back where some insti investors questioned about Singtel's EM expansion strategy.

Her (Sock Koong's) answer was simple. Singtel's plan was not to plant a flag in every country. Their strategy was clear - if there were opportunities for good profits to be made, they will be there. But the management is equally comfortable not expanding further if there are no further opportunities down the road. The management would then i) focus on the existing EM ventures and enhance the situation in the respective regions and would also ii) be happy to return money to shareholders.

But as you say, they have the ability to pay dividends (as good as Starhub given similar FCF yield), just that they do not want to, in order to save up for these potential expansions. But with these acquisition targets few and far between these days, I suspect they just might be increasing payout more than what the Street is expecting next quarter.

Caveat Emptor.

Vested.

first post btw. been a speculator through the WallStraits, afralug and now Valuebuddies days.. till now.. Cheers to good value investing!