$SINGTEL(Z74.SI)$Extract from Maybank Kim eng report. SGD2.4b.

5G and NCS: The new growth drivers for Singtel

Singtel also annouced its new, long-term strategic direction. It aims to capture untapped 5G growth from consumer and enterprise businesses, develop new growth engines in ICT through subsidiary NCS and unlocking the value of its infrastructure assets through partial sale of assets such as Optus tower. This is within what we were expecting and we look forward to more detailed plans on execution. Having said that, the strategic reset is a positive development as it provides the new CEO a clean slate to affect changes. As part of this, we think potential partial stake sales could include BHARTI and INTUCH. Nevertheless, Singtel is unlikely to exit any of its markets given that it is focusing on new growth projects through partnership with other market players