RESEARCH ALERT-CIMB Research downgrades SingTel to neutral

CIMB Research downgraded its rating on Singapore Telecommunications Ltd to neutral from outperform and eased its target price to S$3.36 from S$3.37. By 0143 GMT, shares of SingTel were 1.6 percent lower at S$3.08. The shares are little changed so far this year versus a 12 percent rise in the benchmark market index. STATEMENT: On Monday, SingTel reported a fourth consecutive fall in quarterly profit, hurt by weak results at home and in India due to higher costs. CIMB Research said SingTel could be hurt as rivalry in Australia's mobile sector remains stiff and competition could intensify in Philippines. "We are a little more negative on the stock as we think fixed broadband competition in Australia may intensify ahead of the introduction of the next generation broadband, similar to what happened in Singapore," it said in a report. The brokerage also said it expects SingTel to report flat earnings growth in the next few quarters.