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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