Mr Luis Hilado, analyst at JPMorgan, said in a note to clients that consolidated profit for SingTel could fall 22 per cent from a year earlier for the July-September quarter.

JPMorgan also cut its estimates for SingTel's profit next year by 12 per cent.

'Continued currency weakness of associates or irrational competition in their respective markets is the risk to such a target,' it said in the note.

Shares of SingTel last closed at $2.51. -- REUTERS