Singapore Telecommunications Ltd: Will the rally continue or fizzle in 2026?
- Singtel’s share price has risen ~45% in 2025, led by a rise in the market value of associates and a sharp reduction in Holding Company discount
- In 2026, we expect Singtel’s core business to re-rate from just 5x 12M forward EV/EBITDA to the regional average of 7x EV/EBITDA catalysed by doubling of its data centre capacity in early 2026 and stabilisation of Singapore mobile ARPU in mid-2026.
- BUY with revised TP of SGD5.71 (prev SGD5.04) led by rise in the core business value. The stock offers 13% earnings CAGR over FY26F-28F with over 4% yield. Potential acquisition of a stake in STT GDC at a fair value might be neutral in the near term but positive in the medium term.
We estimate around 20–21ppts of the share price rise came from the higher market value of its associates, led by Bharti Airtel (~31% YTD), Telkomsel (~44% YTD). HoldCo discount narrowed from about 34% to 18% as investors gained confidence in management’s value-realisation strategy, driving another 15% rise in the share price. While the rest ~10% share price rise came from higher core business value due to a similar rise in the core EBIT led by ARPU rise in Australia, margin uplift at NCS and SGD200m cost savings program.
Breakdown of Singtel’s 45% share price YTD increase in 2025 by key drivers
| Driver | Contribution (%) |
| Rise in Associates’ Market Value | ~20% |
| Narrowing of HoldCo Discount | ~15% |
| Rise in the Core Value | ~10% |
| Total share price increase | ~45% |
Source: Companies, DBS
Holding discount narrowed to 18% during December2025
Source: Company, Reuters, DBS
Singtel’s core business still trades at just under 5x FY26F EV/EBITDA, versus 7x for regional peers. We forecast core EBITDA (which excludes associates) CAGR of ~5% over FY26–28F (vs ~4% for peers), underpinned by (i) doubling of its data centre capacity in Singapore to 120MW with opening up of 58 MW Jurong DC in early 2026, (ii) stabilization of its Singapore mobile ARPU in mid-2026 due to sector consolidation and (ii) continued growth of Optus and NCS. At current levels, Singtel effectively functions as a cheap proxy to Bharti Airtel (~55% of our valuation). On our numbers, 12-month forward core EBITDA of SGD4.12bn at 7x implies core equity value of SGD1.57 per share (~34% of its market cap) , versus SGD0.94 per share earlier.
Singtel core business is value at SGD1.57 per share due to higher multiple and lower debt
12m fwd EBITDA (SGDmn) | EV/EBITDA | Exchange Rate | Ownership | Value (SGDm) | Per Share (SGD) | ||
Singtel Core business | 4,116 | 7.0 | 1.0 | 100% | 28,810 | 1.75 | |
Net Debt | (2,849) | (0.17) | |||||
| |||||||
Equity value of the core business | 25,869 | 1.57 | Prev 0.94 |
Source: DBS
12-Month Forward EV/EBITDA multiples and CAGR of regional peers
12M forward EV/EBITDA Multiple (x) | FY25-FY27F CAGR | |
| Indonesia | ||
| Telkom Indonesia | 5.6 | 3.9% |
| Indosat | 3.9 | 4.5% |
| XLSmart | 3.8 | 11.0% |
| Malaysia | ||
| Maxis Berhad | 8.8 | 2.8% |
| Celcom Digi Berhad | 8.2 | 3.3% |
| Telekom Malaysia Berhad | 5.8 | 3.1% |
| Axiata Group Berhad | 6.2 | 0.4% |
| Thailand | ||
| Advanced Info Service | 9.1 | 3.6% |
| True Corp | 6.2 | 4.4% |
| Australia | ||
| Telstra | 8.3 | 4.1% |
| Peer Average | 7.0x | 4.0% |
Source: Companies, DBS
Singapore’s mobile market is expected to shift towards a more rational competition. Singapore mobile sector consolidation would reduce the number of mobile network operators back to three with decent market shares in a mature market. Blended mobile ARPU for Singtel has already fallen from about SGD38.0 in 2019 to SGD23.0 in 1H25 (StarHub: SGD30.6 to SGD21.0 over the same period), underscoring how deep the earlier price compression has been. From this low base, we expect ARPU to bottom out around mid-2026 and recover by ~10% over the subsequent two years aided by 5G monetisation.
Singapore blended ARPU has declined sharply, expected to stabilise in mid-2026 and recover in 2027
Source: Companies, DBS
On top of the core mobile business, growth in Singapore is increasingly driven by Nxera, Singtel’s digital-infrastructure arm. Nxera has secured a SGD643m green loan to fund DC Tuas, an ~58MW AI-ready data centre scheduled to start operations in 2026 and is building out a regional platform of hyperscale facilities across Singapore, Malaysia and Indonesia. Singtel and KKR are also in advanced talks to acquire a larger stake in ST Telemedia Global Data Centres, which would significantly expand Singtel’s exposure to a fast-growing, higher-multiple data-centre portfolio. Taken together, a more consolidated domestic mobile market and a scaled, AI-focused data-centre franchise are key drivers of a higher valuation for Singtel’s Singapore operations and Digital InfraCo.
Pricing momentum favors Optus for ROIC improvement. Australia remains a concentrated three-player mobile market (Telstra, Optus, TPG), where rising data consumption and extensive 5G coverage are being effectively monetised through price increases. In 2025, Optus raised most SIM-only postpaid plans by AUD2–6 per month and lifted key prepaid packs by around AUD4. Telstra and TPG followed with similar repricing from July 2025, increasing core SIM-only and mobile-broadband offers by AUD4–7 per month. Industry ARPU trends underscore this structural shift: between December 2022 and June 2025, Telstra’s blended ARPU rose from AUD44.0 to AUD47.4, Optus from AUD33.7 to AUD36.6, and TPG from AUD30.9 to AUD36.0, with distinct step-ups around December 2023 and December 2024. With ARPUs rising and 5G capex beginning to normalise, the Australian mobile sector is entering a more cash-generative phase. For Optus, this strengthens the case for a re-rating, supported by improving unit economics and better capital efficiency. We forecast an EBITDA CAGR of ~4% over FY26–28F, from continued price discipline and a meaningful recovery in its currently low ROIC (c.2%) over the next three to four years.
Sustained ARPU Gains Signal Stronger Returns for Optus
*We have taken Optus (March YE), Telstra (June YE) revenues, also according to the calendar year, for comparison purposes. TPG is December YE company. *We have shown data only until 1H25 since the 2H25 data are not available yet, and quarterly data are not available for all the companies.
Source: Companies, Reuters, DBS
Bharti Airtel is expected to benefit from a near-term tariff hike
Bharti Airtel’s mobile ARPU is inching towards its medium-term goal of INR300. Consensus has raised Bharti’s Airtel target price to INR2,290 (from INR2,042) in anticipation of another ~15% tariff hike in India's mobile sector, in Dec 2025 coupled with moderation in 5G capex boosting free cash flow. India’s mobile industry continues with “tariff repair”, reflected in Bharti Airtel’s rising ARPU, which reached to INR257.8 in 2Q26 (up +10% y/y, +2.3% q/q). Airtel has benefitted from July 2024 tariff hikes (10%-21% hike across plans) and ongoing migration to higher-value 4G/5G data plans. The market has effectively consolidated into a 2+1 structure in which Reliance Jio and Airtel gain share as Vodafone Idea remains capital- and spectrum-constrained, reducing the risk of renewed price wars. Airtel’s Management continues to emphasise the need for higher ARPU, reaffirming the INR300 target in January 2025 as essential for sustainable returns. As and when Reliance Jio is listed, greater public-market scrutiny of its free cash flow and returns should further enhance the focus on profitable growth and rational pricing.
Bharti Airtel’s mobile ARPU has been rising consistently
Source: Companies, DBS
On top of mobile, Airtel’s Nxtra already operating ~230MW of data centre capacity and planning to almost double to ~400MW by 2027. This will be supported by 14+ large facilities and 120+ edge data centres across the country. Nxtra provides Airtel with a second structural growth engine, supplying datacentre and connectivity infrastructure to hyperscalers and enterprises (rather than a pure competitor), supported by its strategic cloud partnership with Google. Stronger ARPU-led earnings growth and Nxtra’s scaling data-centre platform anchored by hyperscaler demand and its Google partnership — are improving Airtel’s long-term outlook, supporting higher valuations for Bharti.
Top DC players in India with their existing MW capacity
Operators | Current Capacity (MW) |
| STT GDC India | ~390 |
| NTT Ltd | ~290 |
| CtrlS Datacenters | ~250 |
| Nxtra Data (Bharti Airtel) | ~230 |
| Sify Technologies | ~227 |
Source: Companies, Data Infra Hub, DBS
Telkomsel, which contributes ~8% (SGD 0.46/share) to our Singtel valuation, is well-positioned to benefit from Indonesia’s improving mobile market structure. Industry dynamics turned materially more favourable from 2Q25 as consolidation gained momentum and competition shifted toward greater pricing discipline. Following an aggressive 2024 price war, when starter packs fell to IDR10,000 operators implemented meaningful tariff resets between April and June 2025. Entry-level pack prices have normalised to IDR25,000–35,000 across Telkomsel, Indosat and the newly formed XLSmart, restoring tariff integrity and driving a 3–5% q/q ARPU uplift in 3Q25. With the XL Axiata–Smartfren merger reducing the market from four players to three, we see structurally lower discounting and better pricing power ahead. ARPU recovery is already evident for TLKM, rising to IDR43 in 3Q25 after declining to IDR41 in 1Q25. We expect this trajectory to continue, supporting FY26F ARPU growth of ~4%. In parallel, TLKM’s planned InfraCo monetisation (IDR100–150tn) provides a clear catalyst for value crystallisation and balance sheet optimisation. To reflect a more balanced sector outlook, we maintain our 12-month forward P/E at 15x, but maintain a constructive stance given Telkomsel’s earnings resilience and strengthening industry fundamentals. We forecast EBITDA CAGR of ~4% and earnings CAGR of ~9% over 2025–27F, underpinned by ongoing consolidation-driven ARPU recovery.
Sector consolidation to support TLKM’s ARPU recovery in FY26F
Source: Companies, Reuters, DBS
Our underlying earnings projections are in line with consensus for FY26F but 7% below consensus in FY27F
SGD mn |
| DBS | Consensus (Visible Alpha) | DBS vs Consensus | ||||||
FY25 | FY26F | FY27F | FY28F | FY26F | FY27F | FY28F | FY26F | FY27F | FY28F | |
Revenue | 14,146 | 14,506 | 14,869 | 15,129 | 14,337 | 14,887 | 15,278 | 1% | 0% | -1% |
Core EBIT | 1,381 | 1,564 | 1,748 | 1,944 | 1,528 | 1,737 | 1,886 | 1% | 1% | 3% |
Associate (pre-tax) | 2,499 | 2,815 | 3,258 | 3,719 | 3,241 | 3,430 | 3,981 | -13% | -5% | -5% |
Underlying earnings | 2,470 | 2,775 | 3,164 | 3,590 | 2,814 | 3,399 | 3,879 | -1% | -7% | -8% |
Source: Visible Alpha, DBS
Maintain BUY with a higher TP of SGD5.71 (from SGD5.04). Our revised valuation reflects stronger contributions from the core business and associates. We have raised the valuation multiple for Singtel’s core operations to 7x 12-month forward EV/EBITDA (prev. 5x), driving a core value of SGD1.57/share (prev. SGD0.94). This uplift is supported by Singtel’s robust 5% core EBITDA CAGR over FY26–28F, outperforming the peer average of ~4%. We now value Singtel’s associates at SGD4.14/share (prev. SGD4.10), applying an unchanged 10% HoldCo discount to consensus target prices. For Telkomsel, we maintain the 12-month forward P/E multiple at 15x, recognising its ability to benefit from ongoing industry consolidation. Potential acquisition of STT GDC at a fair value, could add another high-growth associate besides Bharti, neutral in the near term but positive in 3-4 years. If Singtel goes ahead with the acquisition, we expect Singtel to acquire 20-25% stake in STT GDC with KKR acquiring the bulk of the stake.
Regional associates are worth SGD4.14 (unchanged) per share based on their target prices
| Target Price | Exchange Rates | Stake | Value (SGD mn) | Per share (SGD) | Per share (SGD) after 10% HoldCo | Previous(SGD) after |10% HoldCo |
Bharti Airtel | 2,290.00 | 69.50 | 27.5% | 51,670 | 3.13 | 2.82 | 2.64 |
AIS | 330.00 | 24.60 | 23.3% | 9,296 | 0.56 | 0.51 | 0.48 |
Gulf Development | 59.50 | 24.60 | 7.7% | 2,782 | 0.17 | 0.15 | 0.15 |
Globe | 2,173.00 | 45.50 | 46.7% | 3,220 | 0.20 | 0.18 | 0.19 |
SingPost | 0.71 | 1 | 21.8% | 349 | 0.02 | 0.02 | 0.02 |
NetLink NBN* Trust | 1.08 | 1 | 24.8% | 1,044 | 0.06 | 0.06 | 0.05 |
Regional Associates | FY27F (March YE) PER | Exchange Rates | Stake | Value (SGD mn) | Per share (SGD) | Per share (SGD) after 10% HoldCo | Previous (SGD) after 10% HoldCo |
| Telkomsel | 15 | 12,720 | 30.1% | 7,607 | 0.46 | 0.41 | 0.56 |
|
|
|
|
|
|
|
|
| Associate Valuation |
|
|
| 68,371 | 4.60 | 4.14 | 4.10 |
|
|
|
|
|
|
| |
| Core business valuation |
|
|
|
|
| 1.57 | 0.94 |
| Associate valuation |
|
|
|
|
| 4.14 | 4.10 |
| SINGTEL VALUATION |
|
|
|
|
| 5.71 | 5.04 |
Source: Companies, DBS
Access more at DBS Insights Direct
GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd.
The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies.
Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report.
This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere.
There is no planned schedule or frequency for updating research publication relating to any issuer.
The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:
(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and
(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.
Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.
Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report.
DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making.
General | This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. |
Australia | This report is being distributed in Australia by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”) or DBSV HK. DBS Bank Ltd holds Australian Financial Services Licence no. 475946. DBS Bank Ltd, DBSVS and DBSV HK are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSV HK is regulated by the Hong Kong Securities and Futures Commission under the laws of Hong Kong, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA. |
Hong Kong | This report has been prepared by a personnel of DBS Bank, who is not licensed by the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities in Hong Kong pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). This report is being distributed in Hong Kong and is attributable to DBS Bank (Hong Kong) Limited (''DBS HK''), a registered institution registered with the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). DBS Bank Ltd., Hong Kong Branch is a limited liability company incorporated in Singapore. For any query regarding the materials herein, please contact Dennis Lam (Reg No. AH8290) at [email protected] |
Indonesia | This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia. |
Malaysia | This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies. |
Singapore | This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6878 8888 for matters arising from, or in connection with the report. |
Thailand | This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. For any query regarding the materials herein, please contact Chanpen Sirithanarattanakul at [email protected] |
United Kingdom | This report is produced by DBS Bank Ltd which is regulated by the Monetary Authority of Singapore. This report is disseminated in the United Kingdom by DBS Bank Ltd, London Branch (“DBS UK”). DBS Bank Ltd is regulated by the Monetary Authority of Singapore. DBS UK is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. In respect of the United Kingdom, this report is solely intended for the clients of DBS UK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS UK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication. |
Dubai International Financial Centre | This communication is provided to you as a Professional Client or Market Counterparty as defined in the DFSA Rulebook Conduct of Business Module (the "COB Module"), and should not be relied upon or acted on by any person which does not meet the criteria to be classified as a Professional Client or Market Counterparty under the DFSA rules. This communication is from the branch of DBS Bank Ltd operating in the Dubai International Financial Centre (the "DIFC") under the trading name "DBS Bank Ltd. (DIFC Branch)" ("DBS DIFC"), registered with the DIFC Registrar of Companies under number 156 and having its registered office at units 608 - 610, 6th Floor, Gate Precinct Building 5, PO Box 506538, DIFC, Dubai, United Arab Emirates. DBS DIFC is regulated by the Dubai Financial Services Authority (the "DFSA") with a DFSA reference number F000164. For more information on DBS DIFC and its affiliates, please see http://www.dbs.com/ae/our--network/default.page. Where this communication contains a research report, this research report is prepared by the entity referred to therein, which may be DBS Bank Ltd or a third party, and is provided to you by DBS DIFC. The research report has not been reviewed or authorised by the DFSA. Such research report is distributed on the express understanding that, whilst the information contained within is believed to be reliable, the information has not been independently verified by DBS DIFC. Unless otherwise indicated, this communication does not constitute an "Offer of Securities to the Public" as defined under Article 12 of the Markets Law (DIFC Law No.1 of 2012) or an "Offer of a Unit of a Fund" as defined under Article 19(2) of the Collective Investment Law (DIFC Law No.2 of 2010). The DFSA has no responsibility for reviewing or verifying this communication or any associated documents in connection with this investment and it is not subject to any form of regulation or approval by the DFSA. Accordingly, the DFSA has not approved this communication or any other associated documents in connection with this investment nor taken any steps to verify the information set out in this communication or any associated documents, and has no responsibility for them. The DFSA has not assessed the suitability of any investments to which the communication relates and, in respect of any Islamic investments (or other investments identified to be Shari'a compliant), neither we nor the DFSA has determined whether they are Shari'a compliant in any way. Any investments which this communication relates to may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on any investments. If you do not understand the contents of this document you should consult an authorised financial adviser. |
United States | This report was prepared by DBS Bank Ltd. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate. |
Other jurisdictions | In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. |
HONG KONG | SINGAPORE |
INDONESIA PT DBS Vickers Sekuritas (Indonesia) Contact: William Simadiputra DBS Bank Tower Ciputra World 1, 32/F Jl. Prof. Dr. Satrio Kav. 3-5 Jakarta 12940, Indonesia Tel: 62 21 3003 4900 Fax: 6221 3003 4943 e-mail: [email protected] | THAILAND |