SMRT: RHB believes that Rail Reforms May Be Coming Soon
-expect operating losses for train business till FY18; rising maintenance costs, cannibalisation from DTL2, & lower average fare
-Potential for additional rail capex to create financial stress
-deteriorating operating condition, may lead to earlier implementation of rail reforms, estimate to be implemented in 2019
-maintain BUY, and raise TP to $2.25 (45% upside) from $1.61
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