This pie graph shows Bharti is just a wee slice of SingTel

Just 3% of SingTel's dividend income.

According to Nomura, it estimates that Bharti represents 41% of the gap between SingTel’s current price and the research firm's target price.

Here's more from Nomura:

A further 34% is explained by the discount between the core Singapore and Optus businesses relative to fair value.

The key to narrowing the gap for Bharti lies in the regulatory and competitive environments in India. On both counts, we see matters improving over the next 12 months and supporting our positive stance on SingTel. In the longer term, improvements from the African business should provide an added leg up.

Added earnings and cashflow visibility could also lead to higher dividends from Bharti which at the moment pays Rs1/sh (0.3% dividend yield) representing a meagre 3% of SingTel’s S$1bn dividend income from associates, despite contributing 16% of FY14E associate earnings.