I previously wrote about why I liked Singtel as a business here. Year to date, their business fundamentals hasn't changed much. Today, Singtel registered a 15 cent drop (3.5%) in its share price to about $3.50. That's about the share price which I bought about 1.5 years ago. This gives Singtel a yield of 5%! So what happened?  No one knows. It could be more of the macro events (ASEAN sluggish growth, slowing China economy) rather than operationally. Others are quick to point out on the news that My Republic managed to secure external funding for its quest to become the fourth telco in Singapore. But would that be significant to Singtel? The fourth entrant thing is overplayed:

• Up to 3/4 of Singtel's EBITDA comes from overseas' operations
• About 8% of Singtel's EBITDA is attributable to Singapore's Mobile revenue stream

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