31 July 2014

SMRT Corp Ltd Improved quarter a positive amid a stalled Rail Financing Framework proposal SINGAPORE | TRANSPORT SERVICES | COMPANY UPDATE   

1Q FY15 Revenue increased 4.3%y-y to S$297.1 million, out-paced by 32.0%yy growth in EBIT to S$29.3 million and 36.8%y-y growth in PATMI to S$22.4 million. SMRT and LTA in a deadlock over Rail Financing Framework (RFF), while the Land Transport Authority (LTA) estimates that SMRT has S$2 billion obligations between 2014 and 2019. Maintain "Reduce" rating, with revised TP of $1.470.

What is the news? 1Q FY15 financial results – SMRT announced its 1Q FY15 financial results on 30 July after market hours, followed by the briefing for analysts and media. Moderate Revenue growth of 4.3%y-y was outpaced by 32.0%y-y and 36.8%y-y growth in EBIT and PATMI respectively. EBIT growth was mainly due to lower operating loss from Fare business, which consequently lifted PATMI. Rail Financing Framework proposal – Transport Minister and LTA issued statements saying that LTA and SMRT are far from coming to an agreement and LTA revealed its considerations to the framework. LTA takes action against SMRT – SMRT was slapped with a S$1.6 million fine for four service disruptions that occurred between Oct 2013 and May 2014.

FY13 1,119 101 0.066 23.0 0.505 3.0 0.025 1.6%

FY14 1,164 62 0.041 26.4 0.527 2.0 0.022 2.0%

FY15F 1,228 81 0.053 29.4 0.558 2.8 0.029 1.8%

FY16F 1,273 78 0.052 30.3 0.580 2.7 0.028 1.8%

Raw Beta (Past 2yrs weekly data)

0.31

Market Cap. (USD mn / SGD mn)

1912 / 2381

Ent. Value (USD mn / SGD mn)

2335 / 2909

3M Average Daily T/O (mn)

4.39

Closing Px in 52 wk range

1.01

1.66

1.80 1.60 1.40 1.20 1.00 0.80 0.60

40 35 30 25 20 15 10 5 0

Volume, mn

Apr-14

FY12 1,057 142 0.092 19.1 0.515 3.4 0.075 4.2%

Company Data

Jan-14

Key Financial Summary FYE Mar Revenue (SGD mn) NPAT, a dj. (SGD mn) EPS, a dj. (SGD) P/E (X),a dj. BVPS (SGD) P/B (X) DPS (SGD) Di v. Yi el d (%) Source: Bl oomberg, PSR es t.

Company Description SMRT Corp Ltd (SMRT) i s a mul ti -moda l l a nd tra ns port opera tor i n Si nga pore. SMRT opera tes two Ma s s Ra pi d Tra ns i t (MRT) Li nes , the Buki t Pa nja ng Li ght Ra i l Tra ns i t (BPLRT) s ys tem, bus es a nd ta xi s . A s i gni fi ca nt pa rt of i ts profi ts come from i ts a nci l l a ry bus i nes s es of Renta l & Adverti s i ng. SMRT a l s o ha s a s ta ke i n Shenzhen Zona Tra ns porta ti on, a l a nd tra ns port opera tor ba s ed i n Shenzhen.

Oct-13

Investment Actions We update our forecasts accordingly, lifting our TP for SMRT. However, the transition to RFF for the Rail business remains in limbo, with the spectre of the S$2 billion obligation looming ahead. We maintain our "Reduce" rating on SMRT, but with a higher TP of S$1.470.

(Maintained at "Reduce") Target Price (SGD) 1.470 Forecast Dividend (SGD) 0.029 Closing Price (SGD) 1.565 Potential Upside -6.1%

Jul-13

How do we view this 1Q FY15 financial results – Revenue of S$297.1 million came to within 0.6% of our S$299.0 million estimate. The most significant contributor to what we did get wrong however, was our estimate for "other operating expenses" which resulted in an under-estimation of 1Q FY15 EBIT by approximately 24%. Rail Financing Framework proposal – The statements by both Transport Minister and LTA have made it unequivocally clear that the transition to the RFF has reached an impasse. As such, SMRT will have to continue being responsible for capital expenditures for the foreseeable future, until LTA and SMRT can come to an agreement. S$1.6 million fine meted out by LTA – The fine serves as a timely reminder to investors of the heightened business risk brought about by the new Bill passed in Parliament raising the cap of the maximum fine for rail service disruptions.

Reduce

Rating:

MRT SP Equit y

Major Shareholders 1. Tema s ek Hol di ngs Pte Ltd 3. Va ngua rd Group Inc 3. Norges Ba nk Inves tment Mgmt.

STI rebased

(%) 54.2 0.5 0.5

Valuation Method DCF (WACC: 5.1%, Termi na l g: 1.0%) Analyst Richard Leow, CFTe ri cha rdl eowwt@phi l l i p.com.s g +65 6531 1735

*Forward multiples & yields based on current market price; historical multiples & yields based on historical market price.

Page | 1 MCI (P) 046/11/2013 Ref. No.: SG2014_0112

SMRT Corp Ltd 31 July 2014 Results at a glance (SGD mn) MRT LRT Bus Ta xi Rental Advertis i ng Engineering & Other Services

Revenue EBITDA Operating Profit/(Loss) MRT LRT Bus Ta xi Rental Advertis i ng Engineering & Other Services

EBIT PATMI Source: Compa ny, PSR

1Q15 157.9 2.5 58.1 34.4 25.8 9.4 9.1 297.1 74.2

1Q14 153.5 2.6 57.0 33.0 23.5 8.2 7.0 284.8 62.1

5.0 (0.6) (5.5) 4.2 20.0 5.6 0.1 29.3 22.4

2.9 (0.6) (7.5) 2.3 17.7 4.8 0.5 22.2 16.3

y-y (%) 4Q14 q-q (%) Comments 2.8% 153.5 2.9% Growth i n ri ders hi p a nd a vera ge fa re. -6.3% 2.5 -0.8% 1.9% 54.8 5.9% 4.5% 34.3 0.5% Hi gher rental i ncome from newer fl eet. 10.0% 25.1 3.0% 13.7% 8.1 16.2% Increa s ed a dvertis i ng on tra i ns a nd s tations . 30.0% 11.3 -19.7% 4.3% 289.5 2.6% Most business segments revenue up. 19.5% 67.3 10.3% 73.4% 2.7% -26.6% 84.5% 13.4% 18.0% -80.6% 32.0% 36.8%

1.2 (0.5) (4.4) 3.8 18.7 4.4 0.8 21.9 16.9

320% 10.5% 24.8% 8.8% 7.3% 28.3% -87.0% 33.8% 32.2%

Hi gher revenue a nd l ower el ectri ci ty cos ts . Hi gher revenue offs et by hi gher s taff a nd di es el cos ts . Lower di es el tax from a s ma l l er di es el fl eet. Hi gher rental renewa l ra tes .

Lower opera ting l os s i n Fa re bus i nes s .

Adjustments made to our forecasts  As we had over-estimated the "other operating expenses", we adjust our forecasts for this expense downwards.  Adjusted FY2015F capital expenditure downwards from S$650 million to S$600 million, in line with guidance given during the analyst and media briefing. SMRT's 3M FY15 Revenue, operating profit and PATMI now stand at 24.2%, 26.0% and 27.7% respectively of our full year FY15F estimates. Rail Financing Framework (RFF) comes to a stall Statements by Transport Minister and LTA – With reference to the proposed RFF, Transport Minister stated that an agreement has not been reached between SMRT and LTA, "nor are they close" and that "there remains a wide gap between SMRT's expectations and LTA's position". LTA revealed that its considerations are the value of existing assets and SMRT's estimated obligations of S$2 billion under the existing licences. Citing confidentiality agreement, SMRT was not able to give further details on the "wide gap". SMRT did however, provided clarification that the S$2 billion arises from taking over of assets for the North-South East-West Line (NSEWL), Circle Line (CCL), Bukit Panjang LRT (BPLRT) and other signalling equipment. iMOB e-commerce website SMRT recently launched its e-commerce portal iMOB (I'm On Board). Management declined to give details on the number of hits the site has received, explaining that the site is still at its infancy, and such numbers would not be meaningful. Management explained that such a venture brings together SMRT's existing strengths in transport and retail, for a small incremental capital expenditure to reach out to a huge base of 3 million passengers on a daily basis.

Page | 2

SMRT Corp Ltd 31 July 2014 Heightened business risk: S$1.6 million fine by LTA In a prior Singapore Land Transport Sector report (29 April 2014), we highlighted the heighted business risk arising from the changes to the Rapid Transit System (Amended) Bill. The maximum fine for each rail disruption was previously capped at S$1 million, but the new cap effective from 25 March 2014 had been increased to 10% of annual revenue of the affected line or S$1 million, whichever is higher. SMRT operates the NSEWL and CCL; we estimate the FY14 revenue for each of the lines to be S$507 million (est.) and S$127 million (est.) respectively. Hence the maximum fine for each NSEWL disruption could be as much as S$50.7 million, and S$12.7 million for each CCL disruption. SMRT was slapped with a S$1.6 million fine by the LTA on 21 July 2014 for the following four service disruptions which occurred between October 2013 and May 2014:  Oct 9, 2013, Disruption of train services on the East-West Line between Boon Lay and Joo Koon stations after a train passed a red signal light and damaged a track point. (Fined: S$400,000)  Jan 20, 2014, Disruption of train services on the North-South Line due to a train that stalled between Yio Chu Kang and Ang Mo Kio stations. (Fined: S$200,000)  Jan 22, 2014, Disruption of train services on the East-West Line between Tampines and Tanah Merah stations after a train passed a red signal light and damaged a track point. (Fined: S$900,000)  May 2, 2014, Disruption of train services on the North-South Line between Yio Chu Kang and Yishun stations (Fined: S$100,000) To give a sense of perspective, S$1.6 million is equivalent to 5.3% of the S$30.4 million cash SMRT paid out as dividends during FY14. Alternatively, S$1.6 million translates to an estimated reduction of 0.105 S Cents available for distribution as dividends to shareholders; this is approximately 4.8% of the 2.20 S Cents ordinary dividend declared for FY14. SMRT explained during the analyst and media briefing that it has accrued the S$1.6 million fine under "Other operating expenses" (Rail) in this quarter, and stated that it has the ability to pay the fine. Unresolved disruptions When questioned on what are the outstanding Rail disruptions that LTA is currently investigating, SMRT replied that all disruptions are publicly known, and LTA will investigate the incidents as it deems fit. As such, SMRT is not aware of specific disruptions that LTA is currently investigating. We point out that SMRT has had at least two recent train disruptions, which we think LTA are investigating. So there is a possibility of more fines being meted out to SMRT.  Jan 11, 2014, Train services between Kranji and Yew Tee were disrupted for 2 hours due to a power fault, resulting in some passengers having to walk on the tracks to get to the Kranji station.  July 23, 2014, A train had stalled between Novena and Newton stations and had to be pushed to the Newton station, resulting in a 40-minute delay.

Page | 3

SMRT Corp Ltd 31 July 2014 Status of Rail Reliability: Incidents on NSEWL Service Delays and Train Withdrawals are the two key indicators of train reliability that the LTA uses. We see that there has been improvements in Rail Reliability across the board, except for NSEWL where there is a slight uptick in Incidents (>5 min delay) per 100,000km for the period 6M CY2014. NSEWL is operated by SMRT and this reduction in reliability increases the probability of fines being imposed on SMRT. Fig 1. Incidents per 100,000km (>5 min delay) NSEWL

3.5

NEL

Fig 2. Normalised Train Withdrawals (per 100,000 train-km) NSEWL

3.5

CCL

3.0

3.0

2.5

2.0

2.0

1.5

1.5

1.0

1.0

0.5

0.5

0.0

CCL

Source: LTA, PSR

Source: LTA, PSR 2.5

NEL

0.0 2009

2010

2011

2012

2013

6M14

2008

2009

2010

2011

2012

2013

6M14

Incorporation of Singapore Rail Engineering (SRE) SMRT incorporated a subsidiary, Singapore Rail Engineering. During the analyst and media briefing, Management explained that the objective of SRE is to build up its competency and develop Maintenance Repair and Overhaul (MRO) capabilities. We think that this is a positive development for SMRT. SMRT has a long history of operating a rail network, and now coupled with engineering expertise, it can market its capabilities overseas in countries that are developing their own rail network. Stretched valuations While we recommend a DCF-derived target price of S$1.470, we also highlight that valuations are currently stretched.  Both trailing and forward P/E are at unprecedented high levels of more than 30x.  Current price of SMRT is at the upper level of the P/E derived price band. Even our valuation of S$1.470 in conjunction with FY15F EPS of S$0.053 gives an implied forward P/E of 27.7x. As such, we think that any further price upside is not sustainable. Fig 3. Trailing P/E (TTM) with forward P/E (NTM) 60x

P/E, TTM

50x

P/E, NTM

Fig 4. Historical price with forwrd P/E derived price bands (S$) 2.40 Source: Company, Bloomberg, PSR est. 2.20 2.00 1.80 1.60 PX_LAST 1.40 30x fwd P/E 1.20 25x fwd P/E 1.00 20x fwd P/E 0.80

Source: Company, Bloomberg, PSR est.

40x 30x 20x 10x

Jun-14

Dec-13

Jun-13

Dec-12

Jun-12

Dec-11

Jun-11

Dec-10

Jun-10

Dec-09

Jun-14

Dec-13

Jun-13

Dec-12

Jun-12

Dec-11

Jun-11

Dec-10

Jun-10

Dec-09

Remarks: Unprecedented P/E levels.

Remarks: Current price at upper level of P/E derived price band.

Page | 4

SMRT Corp Ltd 31 July 2014 Quarterly Revenue and Profitability data Fig 5. Revenue (S$ mn)

Fig 6. Revenue by Fare/Non-Fare Business (S$ mn)

Revenue

350 300 250 200 150 100 50 0

%y-y, RHS

Source: Company, PSR

15% 10%

5% 0%

350 300 250 200 150 100 50 0

Fare

Fare %y-y, RHS

10%

5% 0% Source: Company, PSR -5% 1Q15

4Q14

3Q14

Bus

2Q14

LRT

1Q14

MRT

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

Remarks: Higher y-y growth for Non-Fare revenue than Fare revenue.

Fig 7. Revenue by Business (S$ mn) 180 160 140 120 100 80 60 40 20 0

Non-Fare %y-y, 20% RHS

15%

2Q12

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

Remarks: Revenue grew 4.3%y-y.

Non-Fare

Revenue Segmentation for YTD 3M15

Taxi

Rental

Advertising

Source: Company, PSR

Engineering & Other Services

9%

3% 3%

12%

53%

19% 1%

2Q12 3Q12 4Q12 1Q13 2Q13 Remarks: Highest source of revenue from MRT fares.

3Q13

4Q13

1Q14

Fig 8. Operating profit (S$ mn)

2Q14

3Q14

4Q14

1Q15

Fig 9. Operating profit by Fare/Non-Fare Business (S$ mn) Fare Fare %y-y, RHS

Non-Fare Non-Fare %y-y, RHS

Source: Company,150% PSR

60

40

100%

40

0%

30

50%

20

-100%

20

0%

10

-50%

Operating profit

50

%y-y, RHS

0

100%

0

-200% Source: Company, PSR

-100% -20

-300% 1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

Remarks: 1Q15 EBIT grew 32.0%y-y.

Remarks: Lower y-y operating loss from Fare business.

Fig 10. Operating profit by Business (S$ mn)

MRT

30 25 20 15 10 5 0 -5 -10 -15 2Q12

3Q12

LRT

Bus

4Q12

Taxi

Rental

1Q13

Advertising

2Q13

3Q13

Fig 11. Net profit (S$ mn)

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

Fig 12. Earnings per share, adj. (S Cents)

Net profit

40

Source: Company, PSR

Engineering & Other Services

%y-y, RHS

30 20 10

2.0

1.5 1.0 0.5

0.0 1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

Remarks: 1Q15 Net profit grew 36.8%y-y.

Source: Company, PSR

2.5

3Q12

0

EPS, adj.

3.0

2Q12

Source: Company,250% PSR 200% 150% 100% 50% 0% -50% -100%

Remarks: 1Q15 1.50 S Cents EPS.

Page | 5

SMRT Corp Ltd 31 July 2014 Quarterly Financial Indicators Fig 13. EBITDA, EBIT & Net margins 35%

EBITDA margin

EBIT margin

Net margin

Source: Company, PSR

30% 25% 20% 15%

10% 5% 0% 2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

Fig 14. Operating Margin by Business MRT

100%

LRT

3M14

3M15

y-y comparison for YTD 3M15

Bus

Taxi

Rental

Advertising

Engineering & Other Services

Source: Company, PSR

80% 60% 40% 20% 0% -20% -40% 2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

3M14

3M15

Remarks: (1) Rental and Advertising have the highest operating Margins. (2) LRT and Bus are loss-making.

YTD 3M15 performance with Historical performance Fig 15. Revenue (S$ mn) 1,400

Revenue

Fig 16. Operating profit (S$ mn) 3M14

3M15

Source: Company, PSR est.

1,200

250

Operating Profit

3M14

3M15

Source: Company, PSR est.

200

1,000 800

150

600

100

400

50

200 0

0 FY11

FY12

FY13

FY14

FY15F

Remarks: 3M15 Revenue 24.2% of FY15F.

FY11

FY12

FY13

FY14

FY15F

Remarks: 3M15 EBIT 26.0% of FY15F.

Fig 17. Net profit (S$ mn) 200

Net profit

3M14

3M15

Source: Company, PSR est.

150 100 50 0 FY11

FY12

FY13

FY14

FY15F

Remarks: 3M15 adj. Net profit 27.7% of FY15F.

Page | 6

SMRT Corp Ltd 31 July 2014 FYE Mar Income Statement (SGD mn) Revenue Other opera ti ng i ncome EBITDA Depreci a ti on & Amorti s a ti on EBIT Net Fi na nce (Expens e)/Inc Other i tems As s oci a tes & JVs Excepti ona l i tems Profit Before Tax Ta xa ti on Profit After Tax - Non-control l i ng i nteres t Net Income, reported Net Income, adj.

FYE Mar Per share data (SGD) EPS, reported EPS, a dj. DPS BVPS FYE Mar Cashflow Statements (SGD mn) CFO PBT Adjus tments WC cha nges Ca s h genera ted from ops Others Cashflow from ops CFI CAPEX, net Di vd from a s s oci a tes & JVs Others Cashflow from investments CFF Sha re i s s ua nce, net Loa ns , net of repa yments Di vi dends Others Cashflow from financing Net change in cash Effects of excha nge ra tes CCE, end Source: Compa ny Da ta , PSR es t

FY12

FY13

FY14 FY15F FY16F

1,057 1,119 1,164 1,228 1,273 22 36 42 44 46 300 278 256 302 300 (130) (151) (171) (189) (190) 170 127 84 113 110 (4.5) (4.8) (9.2) (15.0) (14.9) 2.7 (0.4) (0.4) (0.4) (0.4) (22) (17) 147 105 75 97 94 (27) (22) (13) (17) (17) 120 83 61 80 78 (0.1) (0.4) (0.5) (0.5) 120 83 62 81 78 142 101 62 81 78

FY12 0.078 0.092 0.075 0.515 FY12

FY13 0.055 0.066 0.025 0.505 FY13

FY14 FY15F FY16F 0.041 0.041 0.022 0.527

0.053 0.053 0.029 0.558

0.052 0.052 0.028 0.580

FY12 1,346 14 68 15 1,443 54 64 195 0.0 313 1,756 546 58 604 150 210 360 965 791

FY13 1,436 14 51 32 1,532 60 86 546 692 2,224 2 577 54 633 607 216 823 1,456 0.3 768

FY14 FY15F FY16F 1,642 14 53 21 1,729 84 99 5.0 156 344 2,073 156 355 54 566 480 225 705 1,271 (0.1) 802

1,973 14 52 21 2,059 89 104 5.0 188 387 2,446 156 375 72 603 780 215 995 1,598 (0.6) 849

1,984 14 51 21 2,070 92 108 5.0 226 432 2,502 156 389 90 635 780 204 984 1,619 (1.1) 884

FY14 FY15F FY16F

147 105 75 175 193 187 10.5 (18.9) (12.8) 332 279 249 (50) (19) (15) 282 260 234

97 207 9.4 314 (32) 281

94 208 6.7 309 (32) 277

(234) (248) 0.2 0.2 (0.0) (14.4) (234) (262)

(649) 0.2 6.5 (643)

(531) 0.2 0.4 (530)

(212) 0.2 0.5 (211)

0.41 (100) (129) 0.1 (229) (181) (0.0) 195

0.05 29 (30) 18.9 17 (391) 0.2 156

300 (33) 15.2 282 33 188

(44) 15.2 (28) 38 226

0.57 460 (109) 2.5 353 351 (0.1) 546

FYE Mar Balance Sheet (SGD mn) PPE Inta ngi bl es As s oci a tes & JVs Inves tments Others Total non-current assets Inventori es Accounts Recei va bl es Inves tments Ca s h Others Total current assets Total Assets Short term l oa ns Accounts Pa ya bl es Others Total current liabilities Long term l oa ns Others Total non-current liabilities Total Liabilities Non-control l i ng i nteres t Shareholder Equity

FYE Mar Valuation Ratios P/E (X), a dj. P/B (X) EV/EBITDA (X), a dj. Di vi dend Yi el d (%) Growth & Margins (%) Growth Revenue EBITDA EBIT Net Income, a dj. Margins EBITDA ma rgi n EBIT ma rgi n Net Profi t Ma rgi n Key Ratios ROE (%) ROA (%) Net Debt/(Ca s h) Net Gea ri ng (X)

FY12

FY13

FY14 FY15F FY16F

19.1 3.4 8.9 4.2%

23.0 3.0 8.5 1.6%

26.4 2.0 8.3 2.0%

29.4 2.8 10.3 1.8%

30.3 2.7 10.3 1.8%

9.0% 5.9% 4.0% 5.5% -4.7% -7.3% -8.1% 18.0% -12.9% -25.1% -33.9% 33.6% -12.1% -28.9% -38.5% 30.3%

3.7% -0.6% -2.5% -2.8%

28.4% 24.8% 22.0% 24.6% 23.5% 16.1% 11.4% 7.2% 9.2% 8.6% 11.3% 7.4% 5.3% 6.5% 6.1% 17.8% 12.9% 8.4% 5.1% (45) Net Cash

63 0.08

7.9% 2.9%

9.8% 3.6%

9.0% 3.2%

481 0.60

748 0.88

710 0.80

*Forward multiples & yields based on current market price; historical multiples & yields based on historical market price.

Page | 7

SMRT Corp Ltd 31 July 2014 Ratings History 2.20

Source: Bl oomberg, PSR

Market Price Target Price

2.00 1.80

1.60 1.40 1.20

1.00 0.80 0.60

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

1 2 3 4 5 PSR Rating System Total Returns Recommendation Rating > +20% Buy 1 +5% to +20% Accumul a te 2 -5% to +5% Neutra l 3 -5% to -20% Reduce 4 < -20% Sel l 5 Remarks We do not ba s e our recommenda tions entirel y on the a bove qua ntitative return ba nds . We cons i der qua l i tative fa ctors l i ke (but not l i mi ted to) a s tock's ri s k rewa rd profi l e, ma rket s entiment, recent ra te of s ha re pri ce a ppreci a tion, pres ence or a bs ence of s tock pri ce ca tal ys ts , a nd s pecul a tive undertones s urroundi ng the s tock, before ma ki ng our fi na l recommenda tion

Page | 8

SMRT Corp Ltd 31 July 2014 Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this publication. Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication.

Page | 9

SMRT Corp Ltd 31 July 2014 This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore. Contact Information (Singapore Research Team) Management Chan Wai Chee (CEO, Research - Special Opportunities) Joshua Tan (Head, Research - Equities & Macro) Equities | Macro Joshua Tan Soh Lin Sin

+65 6531 1249 +65 6531 1516

Finance Benjamin Ong

+65 6531 1535

Telecoms Colin Tan

+65 6531 1221 SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631 Website: www.poems.com.sg

Research Operations Officer Jermaine Tock +65 6531 1240

+65 6531 1231 +65 6531 1249 Market Analyst | Equities Kenneth Koh +65 6531 1791

US Equities Wong Yong Kai

+65 6531 1685

Real Estate Caroline Tay

Real Estate Lucas Tan

+65 6531 1229

+65 6531 1792

Transport Richard Leow, CFTe +65 6531 1735 Contact Information (Regional Member Companies) MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099 Website: www.poems.com.my

HONG KONG Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel +852 2277 6600 Fax +852 2868 5307 Websites: www.phillip.com.hk

JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090 Website: www.phillip.co.jp

INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia Tel +62-21 5790 0800 Fax +62-21 5790 0809 Website: www.phillip.co.id

CHINA Phillip Financial Advisory (Shanghai) Co Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940 Website: www.phillip.com.cn

THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999 Fax +66-2 22680921 Website www.phillip.co.th

FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France Tel +33-1 45633100 Fax +33-1 45636017 Website: www.kingandshaxson.com

UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel +44-20 7426 5950 Fax +44-20 7626 1757 Website: www.kingandshaxson.com

UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005

AUSTRALIA PhillipCapital Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel +61-03 9629 8288 Fax +61-03 9629 8882 Website: www.phillipcapital.com.au

SRI LANKA Asha Phillip Securities Limited 2nd Floor,Lakshmans Building, No.321, Galle Road, Colombo 03, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 2429 199 Website: www.ashaphillip.net

INDIA PhillipCapital (India) Private Limited No. 1, C‐Block, 2nd Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 Website: www.phillipcapital.in

Page | 10

SMRT Corp Ltd

SMRT and LTA in a deadlock over Rail Financing Framework (RFF), while the .... Lay and Joo Koon stations after a train passed a red signal light and damaged a ..... Kuala Lumpur. Tel +603 2162 8841. Fax +603 2166 5099. Website: www.poems.com.my. HONG KONG. Phillip Securities (HK) Ltd. 11/F United Centre 95 ...

450KB Sizes 2 Downloads 318 Views

Recommend Documents

SMRT Corp Ltd - PhillipCapital
Feb 4, 2015 - 1,231. 1,279. NP A T, adj (SGD mn). 101. 62. 93. 104. EP S, adj. (Cents). 5.50. 4.07. 6.10. 6.82. P /E, adj. (x). 23.0. 26.4. 29.5. 26.4. B VP S (Cents). 50.54. 52.69. 56.56. 60.04 ..... Past performance of any product referred to in th

SMRT Corp Ltd - MOBILPASAR.COM
May 4, 2015 - Bus-model restructuring now a potential de-rating catalyst. Bus-business was previously unprofitable, and the announcement of the transition to the Government. Contracting Model (GCM) re-rated the stock because SMRT would either lose ma

SMRT Corp Ltd - PhillipCapital
Feb 4, 2015 - 1,231. 1,279. NP A T, adj (SGD mn). 101. 62. 93. 104. EP S, adj. (Cents). 5.50. 4.07. 6.10. 6.82. P /E, adj. (x). 23.0. 26.4. 29.5. 26.4. B VP S (Cents). 50.54. 52.69. 56.56. 60.04 ..... Past performance of any product referred to in th

SMRT Corp (MRT SP)
read-through is that rail reliability remains the government's central focus, ...... Money Partners Group (8732); Daiwa Office Investment Corporation (8976); Japan ...

SMRT Corp (MRT SP) Near-Term Costs To Go Up
made to the ageing rail system to more than offset such gains. We lower our FY16/FY17 profit estimates by 5.8%/3.9% accordingly. ♢ Maintain NEUTRAL. We lower our DCF-based TP to SGD1.72 (from. SGD1.80), based on a WACC of 7.3% and a terminal growth

SMRT Corporation
be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider ..... telecommunication devices along the transportation infrastructure. (MRT tunnels ..... United Arab Emirates: Deuts

SMRT Corporation
ever quarterly loss for train operations. In addition to tight cost management and productivity gains, 4QFY15 PATMI grew on the back of a. 7.5% revenue growth ...

smrt corporation | buy
Aug 27, 2015 - reform catalyst, reiterate BUY as we think the recent fall in share price is most certainly overdone, and current price level has become attractive.

True Corp - RHB Securities
May 16, 2016 - Rose mainly from an increase in amortisation of the 900 & 1800MHz license ... YoY/QoQ increased from music entertainment business ..... Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting ...

True Corp PCL TRUE
Sep 8, 2017 - True Corp PCL is a telecommunications company. The majority ..... Morningstar has not been a lead manager or co-lead manager over the previous ... Morningstar Investment Adviser India Private Limited has not been the.

ComfortDelGro Corp - InvestingNote
May 14, 2015 - Source: Company, Phillip Securities Research (Singapore). Analyst briefing key takeaways. ▫ Possible acquisition pipeline in Australia and UK.

ComfortDelGro Corp - InvestingNote
May 14, 2015 - Website: www.poems.com.sg .... investment decision and accept all responsibility for your investment decision, including, but not ... between US dollars and Euro or foreign currencies and the currency of your own jurisdiction.

Aon Corp JD.pdf
>Retail Trade - less than 10 workers P163.00 P159.00. - more than 10 workers ... o Updates automated test scripts as needed. Issue Resolution and ..... Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Ao

True Corp PCL TRUE - SETTRADE.COM
Jul 27, 2017 - True Corp PCL is a telecommunications company. ..... The quantitative equity ratings noted the Report are provided in good faith, are as of the date of .... or products for a fee and on an arms' length basis including software products

09. Smrt iz tanjira.pdf
stopi od 5-50%, zavisno od vrste i podneblja gde zivimo. Na ovaj spisak nije slucajno dospeo virus side (HIV). Danas je naucna javnost prihvatila tezu da.

positive id corp. psid - Baystreet.ca
Mar 24, 2015 - specializes in the development of microfluidic systems for the automated ... identify bacteria and viruses, and for many other applications. ... The Company's M-BAND detection system continuously and autonomously analyzes ...

Apostolic Youth Corp -
Depending on our arrival time into Los Angeles you will have the option of ... send in your 1500.00-2000.00 check for the Airline Ticket from LAX to Manila.

Silergy Corp. Confidential-Prepared for -
START condition, the master sends 7-slave address bits and an R/W. —— bit during the ..... Soft start time programming and output voltage tracking: Connect a ...