Bidding for Australia's National Broadband Network (NBN) has concluded and Telstra has submitted a non-compliant proposal. A total of six bids had been received, with SingTel's Optus submitting a national bid. The spanner thrown into the works by Telstra's proposal has elevated Terria (the consortium to which Optus is a partner) and Axia Netmedia's chances. We will be negative on any Optus-Terria win as we remain concerned about the economics of NBN, among others. Given the many moving parts and lack of clarity, we are keeping our earnings forecasts and target price of S$2.72 for SingTel intact. Also intact is our Neutral rating over currency volatility.