Bharti's 9MFY09 results met our expectations at 74% of our full-year forecast but were ahead of consensus. 3Q09 was characterised by: 1) admirable topline growth; 2) continued market-share gains; and 3) improving EBITDA margins. Bharti continues to execute well and is one of the more reliable growth drivers at SingTel. We expect it to account for 24% of SingTel's PBT in 2009 and 37% of SingTel's sum-of-the-parts valuation. Pending the release of 3QFY09 results by SingTel, we are maintaining our earnings forecasts and sum-of-the-parts target price of S$3.10. Reiterate OUTPERFORM.