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Business Analysis Plan: SingTel - Assignment Example

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This assignment "Business Analysis Plan: SingTel" considers different factors that are relevant to the business of the company. It discusses the analysis of the financial information of the company, i.e. the financial facts and figures and financial ratios that indicate the performance of the company…
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Business Analysis Plan: SingTel
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?Business Analysis Plan The following paper consists of the business analysis of the telecommunication company named ‘Singapore Telecommunications Limited’ and it is commonly known as ‘SingTel’. The paper would consider different factors that are relevant to the business of the company. Such factors may be external to the company, i.e. present in the environment in which the company operates or the factors may be present within the entity. The analysis would also include the analysis of the operating strategies of the company, factors that affect the strategy of the company and the factors that are indicative of the effectiveness of the strategy of the company. It would also include the analysis of the financial information of the company, i.e. the financial facts and figures and financial ratios that indicate the performance of the company. COMPANY OVERVIEW SingTel is one of the leading communications group in Asia. The company provides a number of services including; mobile, internet, data, info-communications technology, pay TV and satellite TV. With regard to market capitalization, SingTel is the largest listed company on the Singapore Exchange. The company has developed and implemented upon its strategy of investing outside its home market, thus the company wholly acquired the Australian telecommunications company Optus. The company also owns a significant shareholding in Bharti Airtel, the largest telecommunications company in India. The company conducts its operations in a number of other countries and it is also listed on Australian Securities Exchange after the acquisition of Optus, the second largest provider of communications services in Australia. Apart from that, the company is also a long-term strategic investor in regional mobile operators in Indonesia, Thailand, Pakistan, India, the Philippines and Bangladesh. In order to facilitate the needs of multinational corporations, the company also has a network of offices in 19 countries and territories in Europe, the USA and Asia Pacific. The company has shown significant growth in the recent past and over a span of one year the number of its customer base has increased by 19 percent. The customer base of the company as at 30 June 2011 is 416 million. This growth in the customer base has brought the company in line with the largest mobile network operators in the world (SingTel). The company also has an advantage over its competitors due to its popularity and the company keeps its position by introducing new products in the market (Koh 2008). From investment perspective, the company defines itself as a long term investor. The company invests in regional companies and extends its expertise due to its large network, customer base and the experience in the industry. The company is actively involved in the operational decisions of the companies it has invested in. In all the investments the company has made, it holds potential shareholder rights and governance authorities. Through SingTel, regional companies acquire access to the experiences and insights of other companies which are affiliated with SingTel and thus the company also acts as a platform where regional companies benefit from each other’s expertise. The company intends to continue its growth through new investments therefore the company expresses that it continues reviews investment opportunities in Asia and other equally profitable markets. The mission statement of the company is ‘Breaking Barriers, Building Bonds’. The company specifies in its mission statement that it enables communication by breaking all the barriers and it brings together people by building new bonds. The company helps businesses and people communicate anytime and in various ways. The company’s mission statement also specifies that the company intends to make communication faster, easier, reliable and more economical. The company also intends to deliver value to its shareholders, affiliates and its customers (SingTel). Thus, it can be said that SingTel is a financially stable company which has enough resources to grow and it is continuously growing. PESTEL ANALYSIS PESTEL analysis is the analysis of certain external factors of entity which are; Political, Economic, Social, Technological, Environmental, and Legal. This analysis is an important component of the business analysis of a company as it provides a comprehensive view regarding the external environment in which a company operates. The analysis is also done to ensure whether the strategy of the company is in accordance with the environment of the company and whether the strategy would be effective or not (Mullins 2009). Following is the PESTEL analysis of SingTel. Political Environment Political environment depends upon the degree to which the government intervenes in the economy of the country. The policies of the government such as tax policies, laws related to environment and labor, and restrictions on international trade are some of the factors that determine the political environment of a company. The political environment around SingTel is feasible for the operations of the company. The regulatory authorities of Singapore take active steps to promote trade relations with other countries and SingTel has been creating such relations through its investments. SingTel is the largest listed company therefore it enjoys privileged position in the industry. The company possesses enough resources to expand and the political environment of the company does not put any constraints upon its expansion therefore the company can expand its operations in any manner it likes. Singapore is the fifteenth largest trading partner of the United States and this fact is highly helpful for the companies in Singapore to expand their operations in the United States. SingTel also has its offices in the United States in order to facilitate its customers all around the globe. Thus, it can be inferred that the political environment in which the company operates is feasible for the operations of the company. Economic Environment Factors that determine the economic environment of an industry include; the inflation rate in the country, interest rates, exchange rates, and the extent to which the economy of the country is growing. These factors are highly important because they directly affect the operating decisions of a company. A company cannot make financial decisions freely if the economic conditions of the country are not feasible. For example; a company’s cost of capital is directly affected by the rate of interest prevailing in the country. Similarly, exchange rate is highly important for those companies that have affiliations with overseas companies and conduct transactions with entities in other countries. In case of SingTel, it can be said that the economic environment in which the company is operates is feasible for the company. The exchange rate of the country is stable therefore the company does not face any difficulties in conducting business with overseas entities. There are a large number of international entities that operate within the country and the international investment in the country is very high. This scenario helps SingTel to invest in other countries too. Thus, it can be inferred that the economic environment in which the company operates is also feasible for the company. Social Environment Factors determining the social environment of an entity include; cultural aspects, trends, likes and dislikes of the users and religious factors. For every entity, social environment is highly important because ultimately it is the users that are responsible for the success of a company. If the company holds high goodwill among consumers, the company is bound to be successful. However, if the consumers do not accept the company’s product, the company will not succeed due to lack of a market. In case of SingTel, the company enjoys significantly high goodwill among consumers. The social environment in the territories in which the company operates is also feasible with regard to the services provided by the company. The trend of using mobile phone services has tremendously increased in the recent years therefore the company has a huge customer base. Consumers in the smaller countries have started accepting the services provided by the company therefore the social environment of the territories in which the company has invested is also feasible for the company. Technological Environment Factors that determine the technological environment of the entity include; the pace of Research and Development activity in the country, the degree of automation adopted in the industry, and the rate at which the development in technology takes place. If the technological environment of the entity is slow as compared to similar entities in other countries, this might affect the operating abilities of the entity in the international market. If there is high R&D activity in the technological environment of the entity, there is a possibility that the company may pioneer a new technology and introduce it to the rest of the world. In case of SingTel, the technological environment is also feasible because the company itself runs certain Research & Development activities in order to seek new opportunities and technologies. The company continuously works on developing new applications in order to add value to its other services. Since the company is largest listed company in its region therefore it also possesses enough resources to undertake such technological tasks. The company also has the privileges to utilize new technologies developed in other regions due to its vast network of affiliations. Environmental Factors Environmental factors may include climate change and weather. The awareness regarding the impact of the activities of companies on the environment is increasing and the preferences of consumers are being influenced due to this awareness. The environmental factors have caused the companies to initiate environmental friendly operations. The regulatory authorities also require companies to fulfill certain social responsibilities which include steps to keep the environment clean. SingTel may be affected by environmental factors because the research work done in the recent past has indicated minor health concerns arising from use of mobile phones. Since consumers realize the importance of communication therefore such factors have not affected the consumer base of the company. The company also claims to fulfill its social responsibilities by letting its employees volunteer for betterment of the society (SingTel). Thus, it can be inferred that the company is also immune to the environmental factors in the region in which it operates. Legal Factors Legal factors are highly important for every company because a certain change in the laws and regulations may impair the business of a company. These factors include laws such as; labor laws, environmental laws, consumer law etc. Legal factors are highly important because a company may be compelled to stop operating due to a restriction imposed on its business by the regulatory authorities. Telecommunications companies are also bound by certain laws imposed by the government in order to limit the independence therefore SingTel is also bound by the laws of the regions in which it operates. Commonly every telecommunications company is required to acquire a license to conduct its operations in a certain region from the government of that region. Thus, it can be said that SingTel can be influenced by any change in local or international laws and it should conduct a continuous evaluation of the legal environment in the region in which it conducts its operations. PORTER’S FIVE FORCES Another framework for the analysis of the industry in which a company operates is ‘Porter’s Five Forces’. PESTEL analysis is used to evaluate the overall business environment of the region in which the company operates and unlike PESTEL analysis, Porter’s five forces analysis narrows down the evaluation to the specific industry in which the company operates. This analysis considers certain factors that determine the competitiveness of an industry. If the factors in the analysis create positive competitive environment, the industry would be profitable and thus attractive for new entrepreneurs (EconomyWatch.com). If the competitive environment becomes too intensive, the industry may become unattractive and the overall profitability of the entities that are a part of that industry also declines (Porter 1980). The five forces that are evaluated in this framework are; bargaining power of customers, bargaining power f suppliers, threat of new entrants, threat of substitute products and competitive rivalry within the industry (Porter 2008). According to the framework, these five forces determine the intensity of competition within an industry and thus determine whether the industry is attractive or unattractive. These forces are used to present a general idea regarding the profitability of the industry. This framework is not used to determine the profitability of a single firm within the industry because there are a number of other factors that determine the profitability at the firm’s level such as; the core competency of the firm, the long term strategy of the firm and the model of business followed by the firm. Following is the application of Porter’s five forces framework in case of SingTel. Bargaining Power of Customers The bargaining power of customers is about the power of customers to influence the company. It is a very important force because ultimately it is the customer that accepts or denies the services or products by the company. It also means the ease of the buyer to opt for the substitute product from another firm in the industry. In industries where the level of competition is high, the bargaining power of customers is high because they have alternate supplies present in the market. However, in industries where competition if low and the number of firms is less, the bargaining power of customers is low (Porter 1979). In case of SingTel, the bargaining power of customers is significant because of the presence of competitor companies in the industry. The customers can opt for the services of another telecommunications company if that company provides the same services at lower rates. Bargaining Power of Suppliers Suppliers are the individuals or firms that provide the raw materials, labor, expertise services etc to the company. This force is about the power of suppliers to influence the company. If the company operates in a market where there is a sole supplier, the company may be highly influenced by the decisions of the supplier. However, if there are substitute suppliers in the industry, the company may have an option to switch suppliers thus the company may not be influenced by the suppliers. In case of SingTel, the company provides the services using its own resources therefore the bargaining power of suppliers is low. Thus, it can be inferred that the bargaining power of suppliers would not influence the companies in the telecommunications industry in which SingTel operates. Threat of New Entrants This is considered to be the most important force in the factor because the profitability and competitiveness of an industry mainly depends upon the number of firms in the industry. If an industry if profitable, it would attract new entrants and the presence of so many firms in an industry can disrupt the competitive environment and this scenario may make the industry less profitable (Coyne 1996). In case of SingTel, the threat of new entrants in the industry is very low because there are so many restrictions imposed on the entry into the industry. In order to enter the industry, the companies need to acquire license from the government which is provided only when the regulatory authorities are satisfied that the addition of the company to the industry would improve the quality of the services provided and it would not disrupt the overall environment of the industry. Threat of Substitute Products This force in the framework is significantly important because it affects the overall intensity of competition within an industry. If there are substitute products in the industry, the customers will not be affected by the change in prices by any single firm in the industry and they will opt for the substitute product. Thus, the firms in the industry would not be free to increase prices due to the presence of high competition in the industry. However, if there are no substitute products, the customers will have no option other than to accept the product available in the market. In case of SingTel, this is a highly important force in the industry that drives the competition. There are other companies in the industry which provide similar services as SingTel therefore the threat of substitute products in the industry is very high. Since the cost of switching services is also reasonable therefore the customers will not find it difficult to switch to the substitute service if the price is increased by the company. Therefore, it can be inferred that competitiveness in the industry is mainly driven by the threat of substitute products. Competitive Rivalry within the Industry For most of the industry, this is the force that determines the intensity of competition within the industry. The competitive rivalry depends upon certain factors including; the competitive strategies of the companies, the extent of resources utilized over advertising, the use of competitive advantage by the companies and the extent to which a company appears on public forums through word of mouth or promotional activities. Competitive advantage of companies is highly important in case of telecommunications industry. If a company develops a new technology, such new technology can serve as the competitive advantage of the company. Even if the industry is competitive, a company can use its competitive advantage to survive in the industry. In case of SingTel, competitive rivalry is present in the industry because other companies in the industry provide similar services for similar prices. The competitors of SingTel are; Hutchison Whampoa Limited, KDDI Corporation, Nippon Telegraph and Telephone Corporation, Primus Telecommunications Group, Telstra Corporation Limited and Vodafone Group Public Limited Company (Datamonitor 2011). All the companies utilize significant amounts on advertising as well. Thus, it can be inferred that this force is also present in the industry in which SingTel operates and it can be said that this force drives the industry towards competitiveness. Therefore, from the analysis conducted in accordance with ‘Porter’s Five Forces’ framework, it can be concluded that there is limited competitiveness in the industry in which SingTel operates. The only factors that may influence the company would be threat of substitute products and the competitive rivalry in the industry. EXTERNAL FORCES DRIVING THE STRATEGY In order to survive in a competitive environment, every company determines certain short term and long term strategies (Singh et al 2010). The company also needs strategies to maintain its profitability and customer base (Hoskission 2009). Initially the competitive environment was less effective in the telecommunications industry of Singapore and SingTel enjoyed monopolistic status in the industry therefore the company did not need any fierce strategies. However, the competitive environment has increased since the government of Singapore started to encourage competition in the industry and allowed licenses to some other telecommunications companies to start operating in the market. After the entry of other companies in the industry, the company also faces a risk of losing its customers therefore in order to retain its customers the company needs to design some competitive strategies (Armstrong et al 2009). Thus, the external forces that drive the strategy of the company are competition in the industry and preferences of the customers. Other factors that influence the strategy of the company are maintaining its profitability (Brown 2005). The company has significantly implemented upon its strategy of expanding its network throughout Asia (zdnetasia.com). The company also faced stiff competition in the overseas markets where the company has made investment therefore the company also needed to come up with competitive strategy to survive in the overseas markets (TelecomsInsight.com). After implementation of a strategy, a company also evaluates the progress of the strategy through Key Performance Indicators (KPIs). KPIs are highly important for each company because they help the management determine whether the strategy needs to be modified (Hoskission et al 2010). Key Performance Indicators depend upon the strategy under implementation (Dallas 2006). If the strategy is about surviving the competition, the KPIs may be of such manner that indicates whether the position of company in the market is stabilizing. If the strategy is regarding retaining or increasing the customer base, the KPIs will include the number of customers. In case of SingTel the strategy is to grow in domestic as well as overseas markets therefore the KPIs may include; the customer base in the regions in which the company operates, the profitability of the company and the position of the company in the market (Balogun & Hailey 2008). FINANCIAL ANALYSIS OF SINGTEL Singapore Telecommunications Limited recorded revenues of $11,827 million in the year ended March 2010. The company witnessed a significant increase of 13% in revenue as compared to the previous year. The breakdown of the company’s revenue in accordance with the services provided by the companies is as follows; the company earned 41.8% of its total revenue from mobile communications, 19.8% from data and internet, 11.6% from information technology and engineering, 11.2% from national telephone, 8.6% from sale of equipment, 4.2% from international telephone, 0.9% from pay television and 1.9% from other services. From the breakdown of the revenue of the company, it can be analyzed that the major services provided by the company are mobile communications and data and internet. The increase in the components of revenue as compared to the previous financial years is as follows; the revenue from mobile communications increased by 18.7% as compared to the financial year ended March 2009, 7.5% in data and internet, 25.9% in information technology and engineering, 1.7% in national telephone, 18.9% in sale of equipment, a decrease of 12.2% in international telephone service and a decrease of 6.6% in pay television service. Thus, from the above analysis it can be inferred that the company witnessed biggest increase in revenue in information technology and engineering division while the revenue of the company fell in the international telephone division. Management Efficiency Ratios Ratios that are used to evaluate the efficiency of a company include; return on equity, return on capital employed, and return on assets. Following the table that represents these profitability ratios in case of SingTel in the past five years. Ratio 2010 2009 2008 2007 2006 Return on Equity 16.6% 16.8% 18.9% 18.1% 19.7% Return on Capital Employed 12.6% 12.2% 13.7% 13% 14.6% Return on Assets 10.3% 10.4% 11.4% 11.6% 12.4% From the above ratios it can be inferred that the management efficiency of the company has decreased in the recent years. The efficiency ratios show an improvement in the year 2008 but in the years 2009 and 2010, the trend has been downwards. Profitability Ratios Ratios that are used to evaluate the profitability of a company include; gross margin, operating margin and net profit/loss margin. Following the table that represents these profitability ratios in case of SingTel in the past five years. Ratio 2010 2009 2008 2007 2006 Gross Margin 67.3% 68% 68.1% 67.2% 66.8% Operating Margin 17% 17.5% 17.3% 17.3% 18.1% Net Profit/Loss Margin 23.2% 23.1% 26.7% 28.2% 31.7% From the above rations, it can be said that the profitability of the company has also declined as compared to the profitability in previous years. In the year 2006, the net profit margin is 31.7% while in the year 2010 it is 23.2% which is significantly lower than that in the year 2006. Financial Strength Ratios Ratios that indicate the financial strength of a company include; quick ratio, interest coverage ratio, and debt to equity ratio. Following is the table representing the financial strength ratios of SingTel. Ratio 2010 2009 2008 2007 2006 Quick Ratio 0.7 0.7 0.7 1.2 1.1 Interest Coverage 8.8 7.2 6.5 5.5 4.9 Debt to Equity Ratio 0.3 0.4 0.4 0.3 0.4 From the ratios presented above, it can be inferred that company maintains enough liquidity to face its short term liabilities. The company also maintains a higher ratio of equity as compared to debt. INVESTMENT APPRAISAL Investment appraisal is conducted in order to determine whether a company is feasible for investment. There are certain quantitative techniques that are used by the investors in order to conduct the investment appraisal. Those quantitative techniques include; Net Present Value, Discounted Cash Flow, Internal Rate of Return. Following is the investment appraisal of SingTel. Net Present Value Net present value (NPV) is defined as the sum of present values of cash flows generated from an investment. The investors consider only those investments as profitable when the NPV is higher than the overall investment made. The higher NPV indicates that the investment would be profitable if the returns were received on the day of investment. In case of SingTel, the profitability ratios show that the company is profitable and the shareholders are given high dividends each year therefore the NPV of the investment made would be higher than the amount of the investment. Discounted Cash Flow Discounted cash flow (DCF) analysis is used for determining the value of present value of all the future cash flows of a company. It is also another method to evaluate the profitability and liquidity of the company. If the DCF of a company is higher than the current value, it can be inferred that the company is profitable. In case of SingTel, the financial ratios show that the company holds strong financial position and is also profitable. The operating activities of the company are also generating high revenues, thus it can be said that the DCF of the company is higher than the present value. Internal Rate of Return Internal rate of return (IRR) is the discount rate that is used to determine the present value of the cash flows to be generated from a particular project. IRR is calculated with the help of a formula and the NPV of the project plays an important part in the determination of the IRR. The investment is considered to be profitable if the IRR is high. In case of SingTel, considering the financial ratios, it can be said that the IRR is high. CONCLUSION From the business analysis conducted on Singapore Telecommunications Limited, it can be concluded that the company holds a stable position in the telecommunications industry in the region in which it operates. The company enjoys superiority in domestic market due to its size as it is the largest listed company in Singapore Stock Exchange. The company has also invested in overseas markets and it is facing the competition effectively by the use of its resources and strategy. The financial analysis of the company indicates that the company holds a stable financial position and the profitability of the company has also been mostly stable in the recent years. A slight decline in the financial ratios can be seen in the ratio analyses but on an average, the financial position of the company seems to be stable. REFERENCES Armstrong, G., Harket, M., Kotler, P., Brennan, R. (2009). Marketing: An Introduction. Financial Times Prentice Hall. Brown, S. (2005). Strategic Operations Management, 2nd Edition. Oxford, UK: Butterworth-Heinemann Balogun, J. and Hailey, V. (2008) Exploring strategic change, New York: FT Prentice Hall Financial Times. Bovaird, T., Loffler, E. (2009) Public Management and Governance. New York. Taylor & Francis. Coyne, K. P., Balakrishnan, S. (1996) Bringing Discipline to Strategy. The McKinsey Quarterly, No. 4. Dallas, M. (2006). Value and Risk Management. Oxford, UK:Wiley-Blackwell EconomyWatch. (2010) Industry Trends. [Internet]. Available from < http://www.economywatch.com/world-industries/industry-trends.html> [October 12, 2011] Hoskission, R. E., Hitt, M. A., Ireland, R. D. (2009) The Management of Strategy Concepts. 8th Edition. USA: Cengage Learning. Hoskission, R. E., Ireland, D., Hitt, R. E. (2010) Strategic Management: Competitiveness & Globalization. USA: Cengage Learning. Koh, D. (2008) SingTel to Match Competitor’s Plans for iPhone 3G. [Internet]. Available from http://asia.cnet.com/crave/singtel-to-match-competitors-plans-for-iphone-3g-62104867.htm [October 11, 2011] Mullins, L. J. (2009) Management and Organizational Behavior. Pearson Education. Porter, M. E. (1979) How Competitive Forces Shape Strategy. Harvard Business Review, March/ April. Porter, M. E. (1980) Competitive Strategy. New York. Free Press. Porter, M. E. (2008) The Five Competitive Forces that Shape Strategy. Harvard Business Review, January. Singh, K., Heracleous, L., Pangarkar, N. (2010) Business Strategy in Asia A Case Book. 3rd Edition. Singapore: Cengage Learning. SingTel. (2011). Company Profile – Vision, Mission and Core Values. [Internet]. Available from [October 10, 2011] SingTel. (2011). Company Profile Overview. [Internet]. Available from < http://info.singtel.com/about-us/overview> [October 10, 2011] SingTel. (2011) Corporate Social Responsibility. [Internet]. Available from < http://info.singtel.com/about-us/social-responsibility> [October 12, 2011] TelecomsInsight.com. (2006) SingTel Faces Competition in Regional Expansion Strategy. [Internet]. Available from http://www.telecomsinsight.com/file/32589/singtel-faces-competition-in-regional-expansion-strategy.html [October 13, 2011] ZdNetAsia.com. (2001) SingTel Sticking to Overseas Strategy Even As Profit Falls. [Internet]. Available from http://www.zdnetasia.com/singtel-sticking-to-overseas-strategy-even-as-profit-falls-10037073.htm [October 13, 2011] Read More
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