NCS speedily climbs its growth ARQ
? NCS acquired digital services firm ARQ Group for A$290m, in line with its
strategy to expand into Australia. Valuation is in line with past transactions.
? We think Singtel can sustain a 75% payout ratio, aided by asset recycling,
including the recent 1.6% stake sale in Airtel Africa & Comcentre divestment.
? Reiterate Add and TP of S$3.30. Singtel is our top Singapore telco pick.