0142 GMT - Bell Potter analyst Chris Savage sees competition risks denting the valuation of Telstra's mobile business, especially if regulators force it to share regional assets with rivals. Savage reduces the sum-of-parts multiple he applies to the Australian telco's bulwark mobile business to 7.75x from 8x, reminding clients in a note that Australia's competition watchdog has said it is looking into how regional consumers are served by the industry. He also lowers his group price-to-valuation multiple to 22.5 times earnings, from 23.75 times earnings. Bell Potter keeps a hold rating on the stock and trims its target price 5.9% to 4.80 Australian dollars. Shares are down 0.6% at A$4.81.
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