Transport: Yday’s report, Deutsche reinstates Hold on SMRT with TP$2.00 and Buy on ComfortDelgro with TP$1.90 with latter as preferred exposure to Sg transport. Positives for Comfort include improving growth profile supported by increasing profitability of domestic rail business and overseas contributions...
Population shifts (housing completion in North-east) is expected to drive NEL ridership growth and operational efficiency gains as well. House is cautious on SMRT due to near-term net profit contraction due to Circle Line costs. Notes that co trades at 30% P/E premium over Comfort and has lack of near-term catalysts but highlights defensive
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