SMRT (S$1.51) 4QFY16 earnings breakdown temporarily repaired by tax refund
-4Q headline net profit of $26.6m (+27.6% y/y) was masked by $19m net property tax refund
-4Q revenue $319.9m (+2.8%): rail (+2.7%), bus (+1.3%), taxi (-3.4%)
-Rail (excl.tax refund) and buses suffered operating losses - lower avg fare, cannibalisation by Downtown Line 2, higher staff & maintenance costs
-Taxi op.profit (-57%) - larger number of taxis retired, higher staff cost, & potential threat from likes of Uber and Grab
-Final DPS of 2.5¢, FY16 payout 4¢ (FY15: 3.25¢)
-Trading at 23.2x FY17e P/E, yield 2.6%
-MKE maintains Hold and TP of $1.40 - pending mgmt briefing
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