SingTel

[Raks]

Singtel is actually a good case study on what not to do for an investor.

Valuation  and business.

IPO valuation. I don't know but base on the earliest number for singtel investor website ( think 2002-2003) would say it was very rich.

Business. From sole provider of fixed line/ mobile line to the current 3 or more. ROE keep dropping. And a way of looking at the business is ask a 50 year old guy. Have you pay more for your bill in your lifetime? Singtel IPO at the time where only the rich own the giant mobile phone and now everyone has at least one and how many pay more for their bill?

This is simple. Really.

While Singtel does not rely on Singapore only, Singtel certainly isn't benefiting from any obvious favoritism in its home ground (I do not know if that "peanut" fine for data breach is the norm).

Another issue is how many telcos will there be in Singapore? Govs need to balance between price competitive (more licenses) & profitability of the major players (ideally to encourage improvements). 

Anyhow, I like Singtel's SEA reach in AIS (Thai), Telkomsel (Indonesia), and GLO (Philippines); all with major market share. Singtel and these telcos can stay uninteresting and generate cash. 

With cash comes startup/ investments in startups/ acquisitions. 
The remaining questions would be whether Singtel knows how to best create synergistic product offerings. As a consumer: I remember canceling "value-added" services that I didn't know I subscribed; I do not know why I've never tried Dash by Singtel.

Grab-Singtel digital banking license would be a very interesting beginning.