Results in line. SingTel posted a 12.9% yoy decline in full year attributable income to S$3.5b, while operating revenue increased 0.6% yoy to S$14.9b. For the quarter, PATMI of S$903.4m was 17.3% lower than 4Q09, and operating revenue came in 5.1% weaker yoy to S$3.6b. Full year results were in line with expectation, representing 96% of our full year forecast. A final dividend of 6.9 cents/shr was declared, bringing total dividends for the financial year to 12.5 cents/shr.

Impacted by weakness in AUD. Stronger operational performance in Singapore and Australia was negatively impacted by the weakness in Australian Dollar and regional currencies. At constant rates, the Group's revenue would have increased 10% and underlying net profit would have been up 11%. Included in full year results was an exceptional loss of S$122m for the quarter, compared to S$150m gain in the 4Q08.

Under review. We are currently reviewing our target price and recommendation. More details to follow.