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SG : SingTel - Sequential earnings improvement in 2H21F

2HFY3/21F core net profit may have dipped 18-19% yoy but grown 11-12% hoh to S$930m-940m, with FY21 possibly 10-11% ahead of our estimate. Lower Optus, Singapore, Globe and Tsel profits to be partly aided by Bharti. We reiterate our Add call with an SOP-based target price of S$3.10.


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