@hydros:$SINGTEL(Z74.SI)$by dbs research1QFY22 numbers are towards the upper end of our expectations• Singtel's 1QF22F underlying net profit of S$451m (+31% y-o-y) was towards the upper end of our estimate of S$430m-S$450m• Sharp recovery in Australia, profit turnaround of Bharti and stabilization of Singapore were key drivers. • Maintain BUY with unchanged TP of S$3.01 for over 28% upside potential and 3.6% yieldSingtel's 1QF22F underlying net profit of S$451m (+31% y-o-y) was towards the upper end of our estimate of S$430m-S$450m and comprised 22% of our full year estimate. What stood out was a big rise in Australia consumer operating profit to S$44m (excluding National Broadband Network migration revenue) compared to S$26m in 4Q21 and operating loss of