汇丰银行-新加坡-电信行业（个股研究）-新加坡-买入：无限数据计划= arpu增长？-20170915-hsbc-singapore telecom：buy：unlimited data plans=arpu accretion？

《汇丰银行-新加坡-电信行业（个股研究）-新加坡-买入：无限数据计划= arpu增长？-20170915-hsbc-singapore telecom：buy：unlimited data plans=arpu accretion？》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、15September2017SingaporeTelecom(STSP)EQUITIESDIVERSIFIEDTELECOMSBuy:unlimiteddataplans=ARPUaccretion?SingaporeUnlimiteddataplanslaunchedatminimumpriceofcSGD109BUYNewplansappearARPUaccretivetous;companywellTARGETPRICE(SGD)PREVIOUSTARGET(SGD)placedonnetworkcapac

2、itywithhighestspectrumshare4.75RetainBuywithunchangedtargetpriceofSGD4.75SHAREPRICE(SGD)UPSIDE/DOWNSIDEUnlimiteddata,talktimeandSMS=minimumARPUofcSGD109permonth3.67+29.5%On15SeptemberSingTellaunchednewcontractplansinSingaporewhichoffer(asof14Sep2017)unlimiteddata,t

3、alktimeandSMS/MMS.ThecompanyintroducedunlimitedtalktimeMARKETDATAandunlimitedSMS/MMSasaconstantfeaturewithCombo3(SGD68.9),Combo6Marketcap(SGDm)59,928Freefloat49%Marketcap(USDm)44,372BBGSTSP(SGD95.9)andCombo12(SGD239.9)plans(refertoExhibit1-2).Forunlimitedlocal3mADTV

4、(USDm)51RICSTEL.SIdata,subshavetosign-upforanadd-onpackage(DataXInfinity)whichispricedatSGD39.9permonth.Hence,monthlyARPUwithunlimiteddatawouldbeatleastFINANCIALSANDRATIOS(SGD)Yearto03/2017a03/2018e03/2019e03/2020eSGD108.8permonth(Combo3+DataXInfinitypackage=SGD68.9

5、+SGD39.9).HSBCEPS0.240.230.260.29HSBCEPS(prev)----NewplansappearARPUaccretivetousChange(%)----ConsensusEPS0.240.260.260.27WebelieveSingTelhaspricednewplanscorrectlyandthattheycouldbeARPUPE(x)15.315.814.312.7Dividendyield(%)4.84.85.25.2accretive.Forexample,theCombo3p

6、lanpricerisesbySGD6permonth(+9.5%).EV/EBITDA(x)11.010.910.39.7SingTelhasdiscontinuedtheCombo4plan(earlierpricedatSGD82.9).WhenROE(%)14.613.214.115.3customersrenewcontracts,subsonCombo4wouldeithermovetoCombo6priced52-WEEKPRICE(SGD)atSGD95.9(whichimpliesanARPUupliftof

7、SGD13)ortheymovetoCombo3whichispricedatSGD68.9(whichimpliesanARPUdeclineofSGD14).Wenote:(a)4.90newplansareavailableonlytonewandre-contractingsubscribers;and(b)thefair4.15usagepolicyis50GBpermonth,beyondwhichdataspeedsreduceto1Mbps.3.4009/1603/1709/17Targetprice:4.75

8、High:4.05Low:3.60Current:3.67Whatisthelikelyimpact?WebelieveSingTel’slaunchofanunlimiteddataplanisaneffectivestrategytoupliftSource:Thomso