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. 

http://alanu6.blogspot.sg/2013/11/smrt_29.html?m=1