The real question is what SingTel does with the cash besides comfort shareholders. Its minority holdings across Asia and Africa have made it a one-stop shop for investors wanting quick exposure to emerging and frontier markets where demand for mobile services will grow. SingTel’s decision earlier this year to focus on digital opportunities suggests that it will consider more acquisitions. The usual caveats apply over monitoring prices and performance of future deals. Not all of its bets have worked out: it has just reclassified its 30 per cent of Pakistan’s Warid as available for sale, thus removing the operator’s $15m-odd of losses from the income statement. In April, it wrote off its investment in Bangladeshi operator PBTL.
真正的问题是,除了抚慰股东以外,新加坡电信对其现金流还将如何利用。它在亚洲和非洲的少数股权,使其成为那些想要迅速建立新兴和前沿市场(那里的移动服务需求将会增长)敞口的投资者的一站式投资工具。新加坡电信今年早些时候决定专注于数字机遇,似乎表明它将考虑更多收购。按照一般惯例,投资者需要关注价格和未来交易表现。该公司并非所有押注都成功:它刚刚将巴基斯坦Warid电信30%的股份重新列为“待销售,从而在损益表上消除了来自该运营商逾1500万美元的亏损。今年4月它还注销了对孟加拉运营商PBTL的投资。
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