1010 GMT - Singtel's shares could benefit from rerating catalysts, Macquarie Capital research analyst Zhiwei Foo says in a note. Every S$300 million of contracts won by Singtel's GPU-as-a-Service business, RE:AI, is estimated to drive a S$0.12 increase in the stock's fair value, assuming all else is equal, according to Foo. Singtel may revisit its conservative Ebit outlook in November, says Foo, who estimates a 12% Ebit increase for the year ending March, above the company's guidance. The results will likely be driven by Optus in Australia and the digital-infrastructure and AI businesses, Foo adds. Macquarie retains an outperform rating on the stock but lowers the target price to S$4.98 from S$5.29 on lower fair values for regional associates and significantly weaker foreign-exchange rates. Shares close at S$4.33.