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SMRT
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Octavia
Elite |
30-Nov-2013 15:46
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For some reason, CLSA have detected a renewed interest in Singapore?s domestic public transport market over the past two weeks. This could ultimately be due to any number of factors although house would attribute it to three main events: i) ComfortDelGro testing $2, SATS share price correcting to $3 and premature chatter about the benefits of a cost-plus model. The first word in the FRMC report was ?Affordable? this should give some indication as to the direction of the industry?s profitability. 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. There has been significant chatter about Singapore?s buses and then trains moving over to a cost-plus or ?hybrid? model. This is an obvious conclusion and also the likely one. House view that it is not coming soon as the focus is now on fare review. The market currently suggests that the concession to operate a loss-making transport system is worth SG$0.80. There is ~30% downside to its $0.89 TP. Although on so many metrics, a fair value of ~$0.50 is equally justifiable. Either way, the market?s pricing of this stock is a long way from reality. SELL. | ||
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ascend88
Senior |
21-Nov-2013 15:10
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toot toot....toot toot....my thomas train....
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vincente
Senior |
21-Nov-2013 10:43
Yells: "hope for the best" |
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next yr increase fare- a foregone conclusion. | ||
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ascend88
Senior |
21-Nov-2013 09:58
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Toot toot toot .. Mind the gap | ||
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ascend88
Senior |
20-Nov-2013 14:29
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thomas train....leaving the depot? |
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ascend88
Senior |
19-Nov-2013 17:50
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Slowly.....serving the main course.... The Straits Times | Tuesday, Nov 19, 2013 Public transport operator SMRT said it plans to apply next week for a fare revision, citing rising operating costs and lower profits. Said an SMRT spokesman on Monday: " We seek a better alignment between fares and operating costs, and will be submitting our application for a fare review in the coming weeks." Get the full story from The Straits Times. Public transport fare adjustments to be announced by March 2014 The Public Transport Council announced yesterday applications for fare adjustments by transport operators are open now, till the 19th of December. The Straits Times, reported that transport operators have till mid-December to submit fare revisions to the Public Transport Council. The local paper predicted adult riders to face the sharpest fare increament while more aid would be provided to the needy when transport fares are revised early next year. As rates were not revised in the years 2012 and 2013, transport fares are liable to increase up to 6.6 per cent - the highest in history. However, Transport Minister, Lui Tuck Yew, announced in Parliament last week - any increase in fares should not exceed the annual average wage rise - which is estimated by economists - to float around the five per cent mark. In this case, if the fare hike is capped at 5 per cent, the remainder of the allowed fare hike - which represents a percentage increase of total annual fare revenue - will be carried over to 2015. Industry experts the local paper spoke to claim the fare increases will be distributed among commuter groups, with some bearing more than others. Dr. Park Byung Joon, Head of the Urban Transport Management Programme at SIM University, cited lower income commuters and those with disabilities are expected to receive larger fare cuts of up to 50 per cent, or even higher. However the concessions provided by the government, will not directly influence how fares for other commuters will be adjusted. Improvements to other concessions recommended by the fare committee - such as those for polytechnic students and pre-school children - will be cross-subsidised by full paying fares. " Someone has to pick up the bill for these, and it'll be regular commuters like you and me," said Dr. Park. |
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ascend88
Senior |
18-Nov-2013 21:02
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In a statement released on Monday, the council said it is giving public transport operators until Dec 19 to submit their applications for fare adjustments.
It added that this latest fare review would be for this year as well as last year, which was suspended pending the work of the Fare Review Mechanism Committee (FRMC). |
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ascend88
Senior |
18-Nov-2013 20:54
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http://www.businesstimes.com.sg/breaking-news/singapore/decision-bus-train-fare-changes-1q-2014-20131118 | ||
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Rosesyrup
Veteran |
13-Nov-2013 03:37
Yells: "Get your own opinion, don't follow blindly." |
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Cutting loss if breach 136 | ||
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ascend88
Senior |
12-Nov-2013 21:27
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This is the classic ... Comparing with hk and London .. Of 13% increase since 2009 ... | ||
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yourdadisme
Member |
12-Nov-2013 21:23
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congrats to people here with balls of steel. the bus business that is making huge loss SBS transit is already on the uptrend. lets see how SMRT goes in 2014. |
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ascend88
Senior |
12-Nov-2013 21:22
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Ah $ already started by selling u all the concession u will get ...and then now then begin to hint on the fares increase ... And of course .. Pass the ball over to PTC to serve u the main course ... | ||
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oldflyingfox
Master |
12-Nov-2013 21:15
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The price has started to rebound from the low after the news broken out, this means that market is positive on it especially LTA stand is to have regular fare adjustment to sustain the transport system. This may mark the end of the sell down cycle started last year. |
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ascend88
Senior |
12-Nov-2013 16:36
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Jacqueline Woo MyPaper Tuesday, Nov 12, 2013 Commuters in Singapore can expect a hike in public-transport fares, which could kick in from the first half of next year. This was announced by Transport Minister Lui Tuck Yew in Parliament yesterday, who said that the Government has accepted all the recommendations made by the Fare Review Mechanism Committee last week. But public-transport fares " will not become less affordable for the average commuter" , he stressed. And, for many, they may actually become cheaper. To provide assistance to the needy in the light of the impending fare increases, the Government will roll out and fund two concession schemes targeted at low-income workers and persons with disabilities. About half a million Singaporeans - constituting a 40 per cent increase in the 1.2 million commuters who currently enjoy various fare concessions to about 1.7 million - will be eligible for the schemes, said Mr Lui. While details of the schemes are still being ironed out, he said that he intends for the discounts to " more than offset any fare increase in the next fare exercise" . He said that while the two schemes will be borne by the Government, existing ones will continue to be cross-subsidised by full-fare-paying commuters, so that " balance" is retained in the system. He was responding to a question raised by Member of Parliament Cedric Foo, who asked about the rationale behind having some schemes subsidised by the Government and others by full-fare-paying commuters. Mr Lui also said the fares would remain affordable. He said: " Wages over the past few years have gone up at a much faster rate than fares, which means that fares have actually become more affordable for the average commuter." Calling the new fare formula " an improvement" , he said that it was " meticulously crafted to better reflect the cost pressures that the public-transport operators face" . The minister also pointed out that fare increases here have been lower than those of comparable cities like Hong Kong and London. Fares in Hong Kong, for instance, have increased by a total of 13 per cent since 2009, while fares in Singapore have gone up by a cumulative 2.7 per cent from 2005 to 2011, he noted. This is despite " significant changes to the cost environment of the public-transport operators" , Mr Lui said, citing the rise of diesel prices by about 90 per cent, as well as that of national average wages by about 30 per cent over the same period. He noted that the profits drawn by SMRT, which went down by 50 per cent within the last two financial years, have dipped a further 55 per cent so far this year. He said: " (The review) contains a timely reminder that we need to make regular fare adjustments from time to time to ensure that the (public-transport) system is sustainable and workable." |
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MichaelSchenker
Member |
12-Nov-2013 16:14
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Touched 1.310 earlier. Congrats to those who profitted from the recent u-turn.
Well, as good as it lasts. Cheers! |
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ascend88
Senior |
12-Nov-2013 15:39
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Now is over to PTC... Lui Tuck Yew: Any public transport fare increase only in first half of next year Any change to public transport fares is set to take place only in the first half of next year, Transport Minister Lui Tuck Yew said on Monday. The Public Transport Council (PTC) will need time to implement changes to existing commuter concessions recommended last week by the Fare Review Mechanism Committee (FRMC), on top of applying a new fare formula, he told Parliament. The council will consider the 2012 fare cap, based on the old formula which was suspended pending the FRMC review, and the 2013 fare cap based on the new fare formula. " Should the PTC, after careful study, decide not to effect both fare caps in one go, it may allow for part of this to be rolled over, as provided for under the new fare mechanism framework," Mr Lui said. |
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ascend88
Senior |
12-Nov-2013 15:35
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slowly the main course is gg to be served..... | ||
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ascend88
Senior |
12-Nov-2013 15:32
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1 cent dividend coming too... sustainable and workable ! |
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ascend88
Senior |
12-Nov-2013 15:30
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[SINGAPORE] The government yesterday accepted in full the recommendations by the Fare Review Mechanism Committee (FRMC), which include a new fare formula, the fare review mechanism, and various concession schemes. Transport Minister Lui Tuck Yew told Parliament the next task will be for the Public Transport Council (PTC) to apply the new formula for the next fare review exercise, likely to be implemented in the first half of next year. Mr Lui called the FRMC report on public transport fares made public a week ago " fair and reasonable and contains a timely reminder that we need to make regular fare adjustments from time to time to ensure that the system is sustainable and workable" . |
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MetalTrader
Senior |
09-Nov-2013 13:57
Yells: "Let Your Ignorance Be Shown Tomorrow! ~ PredictorX" |
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SMRT's downtrend will continue because its operations requires higher maintenance costs to function due to overloaded cabins. Its operation in Bus is making a loss, which is a drag to part of operation. |
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