Thursday, March 11, 2010

SMRT Corp rated top transport operator in Singapore

Deutsche Bank has rated SMRT (S53.SG) as the top pick company in the public transport sector in Singapore. Recently, SMRT posted a 4.4% on-year increase in February train ridership, and an increase of 9.3% year-to-date ridership. SMRT, as a defensive stock and with a decent 4.4% dividend yield, the broker maintains a "buy" rating of $2.34 price target.

Separately, JPMorgan has upgraded SMRT to "overweight" from "neutral" to $2.25 from $1.90, on the expected acceleration in rail ridership with the opening of new train stations along the Circle Line (CCL).

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