Friday, November 29, 2013
SMRT seems revenue can't match cost increase, TP $0.80
Over the past 5-years OPEX has grown at 10% cagr versus revenue at 5%. A fare revision which allows average fares to grow 10% (to meet OPEX growth) given that population growth is 50% slower is an impossibility in our mind. Margin pressure will continue.
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