【SMRT S53 交流专区】新加坡地铁 SMRT CORPORATION LTD

icy97

新加坡地铁的股价下跌至5个月低位
http://www.sharesinv.com/zh/articles/37075/

文： 朱皓翔 （译：杨佳文） 2013年01月31日 企业摘要
在分析师纷纷调低目标价之后，地铁营运商新加坡地铁(SMRT Corporation)的股票因承受卖压而继续处于跌势。虽然其股价从1.62元的日内低位略微回升，但全天仍下跌0.005元，收报1.63元。公司的股价在昨天下跌0.04元，为自2012年7月以来的最大跌幅，其股价也下跌至1.635元的5个月低位。

公司的股价下跌是因为其在1月29日发布的第三季业绩欠佳，且远不如预期。由于员工成本上涨，维修和保养成本提高，其截至2012年12月31日的第三季盈利下跌31.2%至2,550万元。

许多经纪行对公司成本的增长幅度感到意外，并审慎看待其前景。公司之前已表示：“由于营运成本提高，其4Q13及未来12个月的盈利力将会减弱。”这是因为公司将投入更多资源来改善地铁服务的可靠性及营运表现。

基于公司的营运成本看来将持续提高，联昌国际、星展唯高达、马银行金英、侨丰德意志摩根建富都调低了它们的目标价。由于公司在4Q13增聘人员，而其维修和保养成本将继续增加，其毛利率预料将进一步萎缩。



在各家经纪行中，只有辉立证券将其目标价调高0.06元至1.41元。辉立证券预计公司在提升地铁资产方面的资本开支将低于预期，因为公司表示陆交局将负责共9亿元的开支。但辉立证券维持“卖出”评级。

除此之外，一些经纪行也预测公司今年的派息额将减低。星展唯高达预测公司的FY13每股派息将为0.055元，低于FY12的0.0745元，联昌国际则预测公司将把其本财年的派息比率从上个财年的94%减低至60%

bluenana

最近新马合作的HSR项目，SMRT有参与吗？

icy97

SMRT posts net loss of $12mil for 4Q
http://www.theedgesingapore.com/the-daily-edge/business/43669-smrt-posts-net-loss-of-12mil-for-4q.html

Tue, 30 Apr 14:55
SMRT Corp. recorded a net loss of $12 million in the three months ending March 31 (4Q13) compared to net profit of $13.9 million in 4Q12. The deteriorating profitability was due to higher repair and maintenance costs in train and higher staff costs for the group. In addition, there was a goodwill impairment of interest in associate Shenzhen Zona of $17.3 million.

Group revenue rose 5.9% to $1.1 billion in FY2013 with higher train revenue following full operation of Circle Line, and higher taxi and rental revenue. Despite higher revenue, PATMI declined 30.5% to $83.3 million due to lower train profitability and higher bus losses, as fare adjustments have not kept pace with rising operating costs.

In line with the lower profit, the board has proposed a final dividend of 1.00 cent per ordinary share. Including the interim 1.50 cents, this will bring total FY2013 dividend to 2.50 cents. This amounts to 45.6% of FY2013 PATMI of $83.3 million.

The group ended the year with cash of $546.3 million compared to $195.3 million at the start of FY2013, due to the $450 million bonds issued in October 2012. The group generated $260.2 million of cashflow from operations and $353.3 million from financing activities, offset against $262.5 million in investments.

Group borrowings rose to $609.5 million as at end March 2013 from $150 million as at end March 2012. The group paid for the 17 trains accrued in trade and other payables and the takeover of operating assets from LTA in April 2013. Following this payment, the group’s net gearing would adjust to 58% from 8%.

icy97

新加坡地铁的1Q14税及少数股东权益后盈利下跌55.2%
http://www.sharesinv.com/zh/articles/40676/

2013年07月31日
新加坡地铁(SMRT Corp)宣布，其1Q14税及少数股东权益后盈利(PATMI)下跌55.2%至1,630万元。公司在其财报中指出，PATMI下跌的主要原因是其他营运收入下降和营运开支提高。其他营运收入下跌30.9%至950万元，因没有价值800万元的铁道保险赔偿。营运开支提高是由于摊销净额增加至3,990万元及员工开支提高23.4%至1亿1,270万元。后者是因员工增多及工资上调。此外，财务成本增加逾一倍至260万元，由于为2012年10月发行的债券支付4亿5,000万元的利息。净负债比从1Q13的8%上升至64%。

启示：在没有调整车资及继续吸收优惠车资成本的情况下，公司认为FY14将会充满挑战。公司就新的铁道融资框架而正与政府进行协商，并正评估更可行的业务模式。公司也预期位于兀兰地铁站内的零售商场Woodlands Xchange将在今年带来贡献。

SMRT posts 55% lower Q1 net profit of $16.3 mil
http://www.theedgesingapore.com/the-daily-edge/business/44935-smrt-posts-55-lower-q1-net-profit-of-163-mil.html

Wed, 31 Jul 10:59  
SMRT Corporation’s first quarter net profit fell 55.2% to $16.3 million on higher costs.

Revenue for the same period ended June 30, 2013 rose 3.5% to $284.8 million due mainly to higher train, rental and taxi revenue.

However, operating profit declined 49.4% to $22.2 million as continued increase in operating expenses for the fare business is not being offset by fare increases, resulting in lower train profit and higher bus and LRT losses.

Operating expenses rose 11.0% to $272.1 million mainly due to higher staff costs and depreciation. Staff cost rose 23.4% to $112.7 million due to increased headcount for train and bus operations and wage revision, partially offset by the Wage Credit Scheme.

Repairs and maintenance costs rose slightly by 4.4% to $26.5 million in line with more scheduled repairs and maintenance for Train operations with higher operational loading and a larger taxi fleet.

Earnings per share for the group stood at 1.1 cents for the quarter, down from 2.4 cents during the corresponding period the year before.

The group’s borrowings rose slightly to $619.6 million from $609.5 million while net gearing rose to 64% compared to 8% as at 31 March 2013 as a result of the lower cash balance.

icy97

Name of Announcer *	SMRT CORPORATION LTD
Company Registration No.	200001855H
Announcement submitted on behalf of	SMRT CORPORATION LTD
Announcement is submitted with respect to *	SMRT CORPORATION LTD
Announcement is submitted by *	Jacquelin Tay Gek Poh
Designation *	Company Secretary
Date & Time of Broadcast	02-Aug-2013 17:54:25
Announcement No.	00102

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *	SUBSCRIPTION OF SHARES IN ORTUS INFRASTRUCTURE CAPITAL PTE. LTD.
Description	Please refer to the attachment.

Attachments

Annc_OICSubscription020813.pdf

icy97

新加坡地铁及新捷运将遭罚款110万元
http://www.sharesinv.com/zh/articles/41829/

2013年10月02日
新加坡地铁(SMRT Corp)及新捷运(SBS Transit)将遭陆交局(LTA)合共罚款110万元。陆交局表示，它将就四项在地铁南北线、东西线、环线及武吉班让轻快铁所发生的事故对新加坡地铁罚款86万元。另外，新捷运将因东北线服务中断而遭罚款25万元。在地铁系统法令下，倘若公共交通服务业者无法达到营运表现标准及触犯其他条列，该业者将可能面对每件事故最高达100万元的罚款。

启示：新加坡地铁必须在其财报中为该86万元罚款作拨备。加上其庞大的维修和保养开支及营运成本增加，其毛利料将进一步受压。

死好練

谁买到，亏死他

thsy1127

不董那些官员是脑残还是什么的!

本来好好的5~7分钟一次顺顺来.
现在硬硬逼要加到1~2分钟一次......

TMD, 这条""马子""已经老了咯, 那里顶得顺给你们这样硬硬""干"" (不怀好意!!) 不上车都难.

为什么他们就不想想它的身体健康是如何??????
也都26年了咯!!! 不在是当年的年轻又能耐X的了....

我在此为SMRT难过!!

icy97

新加坡地铁的2Q14盈利受车资影响
2013年11月01日
http://www.sharesinv.com/zh/articles/42405/

新加坡地铁(SMRT Corp)的2Q14营运盈利年比下跌50.7%至2,000万元，由于营运开支提高15.8%至2亿8,580万元。开支提高是因员工、维修及折旧成本均提高。车资依旧是一个挑战，由于营运成本的增幅并没有转嫁到车资上。另一方面，总收入从2亿8,120万元提高5.3%至2亿9,630万元，主要是由于德士、租金及广告等非车资收入提高了10.9%。公司截至今天中午12点的股价为1.285元，比上个闭市价低了1.2%。

启示：由于表现受车资影响，公司将继续就尽早转换至一个更可行和更长久的地铁与巴士业务模式同有关当局进行协商，其中包括调整车资。


SMRT's 2Q net profit falls 57.1% to $14.3 mil
Source: The Edge   |   Publish date: Thu, 31 Oct 20:30
http://www.theedgesingapore.com/the-daily-edge/business/46097-smrts-2q-net-profit-falls-571-to-143-mil.html

SMRT Corp said net profit in the second quarter ended Sept 30, 2013 (2QFY14) fell 57.1% to $14.3 million from a year ago due to higher staff and depreciation expenses, as well as repair and maintenance costs.

Group revenue rose 5.3% to $296.3 million in 2QFY14 on broad based revenue growth particularly in the non-fare business. Operating profit however declined 50.7% to $20 million as operating expenses increased by 15.8% to $285.8 million due mainly to higher staff, repair and maintenance (R&M) and depreciation costs.

Staff costs rose 27% to $118.5 million following the wage revision exercise in 4QFY13 and increased headcount for Trains and Buses. R&M rose 14.2% to $29.8 million mainly due to the increase in scheduled R&M because of higher operational loading for trains.

The board has declared an interim dividend of 1.00 cent per ordinary share similar to the final dividend for FY2013 to reward shareholders for their continued support.

The group ended the quarter with a cash balance of $173.3 million, higher by $58.7 million compared to the start of the quarter. It generated $115.2 million of cashflow from operations, offset against $50.4 million outflow in investing activities, and $6.0 million in financing cash outflow due to dividend payment.

icy97

包括新加坡地铁及陆交局在内的财团赢得马尼拉地铁合约
2013年12月12日
http://www.sharesinv.com/zh/articles/43254/

新加坡地铁(SMRT Corp)、陆路交通管理局的一个单位MSI Global、菲律宾环球电信(Globe Telecom)、Ayala Corporation及第一太平(First Pacific)所组财团AF Consortium在公开招标活动上赢得为马尼拉地铁开发车资收取系统的合约。

财团是以18亿比索(5,090万元)的最低投标价打败其他两个竞标者而赢得这份合约。另两个竞标者均分别以约20亿比索的价格投标。

预期该车资收取系统将在3Q15全面投入服务。它将提高乘客转换至其他地铁线的效率，并通过排除收取车资的漏洞来提高车资系统的效率。

启示：在马尼拉交通与通讯部门的条款下，得标者可把非接触式智能卡系统扩大至交通服务以外的商业领域，如零售业。这意味着该财团将有机会在日后取得更多合约。

icy97

SMRT, LTA unit in consortium that wins Metro Manila deal
Source: Reuters   |   Publish date: Thu, 12 Dec 11:51
http://www.theedgesingapore.com/the-daily-edge/business/46649-smrt-lta-unit-in-consortium-that-wins-metro-manila-deal.html

Two Singapore companies are in the consortium which won Monday’s public bidding to develop and run a fare-collection system for Metro Manila’s rail system.

Temasek-linked SMRT Corporation and MSI Global, a unit of Singapore’s Land Transport Authority (LTA), are expected to bring their respective areas of expertise and resources to the table for the AF Consortium.

The consortium’s bid of 1.8 billion pesos ($50.9 million), the lowest one, pipped the bids of two other contenders - Malaysia’s Berjaya and ethnic Chinese taipan Henry Sy.

thsy1127

this latest contract bring the company share price to the further deep down!

icy97

文： 吴文青 （译：麦美莹） 2014年02月06日 投资者角落
http://www.sharesinv.com/zh/articles/44506/

新加坡地铁(SMRT Corporation)
股价 – $1.19
目标 – $1.08

公司的 3Q14净利年比下跌了44%至1,420万元，季比则微跌。收入微升至2亿9,300万元，由于乘客量及租金收入增加，但追不上高升的成本。息税前毛利率年比下跌了4.5个百分点至6.9%，但与2Q14相若。9M14盈利只占了我们全年预估的62%。集团的息税前盈利继续受到非车票收入支持，如租金及广告，综合息税前盈利年比增长至2,540万元。公共交通理事会最近批准地铁票价从2014年4月6日起提高3%，并在明年再提高3.4%。虽然这对公司来说是好消息，但我们预期营运开支将会提高，因为公司必须维持较高的服务水平及把服务中断事件的发生次数减到最低，这可能抵消车资调高带来的好处。由于最近发生多次列车事故及在不适当时机宣布调高车资，相信公司将会加强维修及提供更可靠的服务，而这将对盈利带来进一步压力。 维持充分估值 。星展唯高达 (1月29日)

icy97

每日头条 | 2014年03月26日
http://www.sharesinv.com/zh/articles/45651/

新加坡地铁(SMRT Corporation)与华为企业业务集团(Huawei Enterprise Business Group)签署了谅解备忘录，以在国际市场联合开发和营销产品与解决方案。相关产品和服务包括公司的自动车资收取系统及乘客资料系统。


SMRT signs MOU with Huawei
Source: The Edge   |   Publish date: Tue, 25 Mar 17:36
http://www.theedgesingapore.com/the-daily-edge/business/47735-smrt-signs-mou-with-huawei.html

SMRT Corporation President and Chief Executive Officer Desmond Kuek has signed a Memorandum of Understanding (MOU) with David He, President of Global Solution Sales of Huawei Enterprise Business Group (Huawei).

The collaboration will see both companies partnering to jointly develop and market products and solutions in the international market.

Some of the products and services which will be jointly marketed globally include SMRT’s Automatic Fare Collection or Passenger Information System, as well as Huawei’s communication network, its radio system, IP-based video surveillance system and PBX systems. SMRT and Huawei will be conducting seminars and joint marketing events at international transportation conferences to promote these joint services, and will be collaborating in the installation and commissioning of these solutions for customers.

The signing took place on 20 March at Huawei’s Headquarters at Shenzhen.

icy97

SMRT buys 573 buses
Source: The Edge   |   Publish date: Wed, 2 Apr 15:07
http://sgx.i3investor.com/servlets/fdnews/46125.jsp

Public transport operator SMRT says it has bought 573 buses, its largest number to date.

The new additions include 332 regular 12-metre buses, 40 bendy buses and for the first time, 201 double-decker buses.

A first batch of about 30 buses will be delivered to SMRT's bus depots in June 2014.

The vehicles will undergo further tests before joining SMRT's existing fleet of over 1,200 buses to serve commuters from July.

The rest of the fleet will be introduced progressively till end 2016.

SMRT says the fleet renewal will increase its bus capacity on longer routes and bring greater comfort to the commuter's bus journey experience.

icy97

Singapore's SMRT shares surge; SGX queries activity
Source: Reuters   |   Publish date: Thu, 24 Apr 19:27
http://www.theedgesingapore.com/the-daily-edge/business/48096-singapores-smrt-shares-surge-sgx-queries-activity.html

Singapore’s main public transportation operator SMRT Corporation (SMRT.SI) said it was 
unaware of a reason to explain why its shares climbed by as much as 21% on Apr 24 to a four-month high of $1.24.

SMRT, in which Singapore’s state investor Temasek Holdings has a 54% stake, has struggled in recent years with ageing rail infrastructure while battling higher energy and wage costs, testing the sustainability of Singapore’s public transport operating model.

“The Company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the trading today,” SMRT said in statement after the market close in response to queries from the Singapore bourse.


SMRT earned 54% of last year's revenue from rail operations, followed by 20% from bus services, 12% from taxi operations and the remainder from other activities,
Thomson Reuters data shows. Shares in its smaller rival, SBS Transit (SBVV.SI), closed
up 7.6%.

icy97

每日头条 | 2014年05月02日
http://www.sharesinv.com/zh/articles/46588/

新加坡地铁(SMRT Corporation)在截至2014年3月31日的第4季度录得收入微增2.9%至2亿8,950万元，由于车资及非车资相关业务均取得增长。盈利为1,690万元，反观上一年同期为1,190万元亏损。全年收入增加4%至12亿元，盈利下跌25.7%至6,190万元。


SMRT posts 25.7% fall in full-year earnings to $62 mil
Source: The Edge   |   Publish date: Thu, 1 May 13:09
http://www.theedgesingapore.com/the-daily-edge/business/48168-smrt-posts-257-fall-in-full-year-earnings-to-62-mil.html

SMRT has booked a net profit of $61.9 million for the full year ended on 31 March 2014.

This is a 25.7% drop from a year ago, hurt by numbers from its rail operations.

Full year revenue, however, increased by 4%, to $1.16 billion.

The transport operator said its overall fare business incurred a loss of $25 million for the year.

It saw a 2.9% increase in train ridership, but operating profit for its train operations fell sharply to $5.5 million, compared to $65 million in the previous year. This is compared to an operating profit of $32.3 million in the previous year. The drop was due to heightened ridership demands and regulatory standards.

Bus ridership meanwhile rose by 4.6% but its bus operations continued to stay in the red, with a loss of $28.4 million for the full year.

SMRT has proposed a final dividend of 1.2 cent per ordinary share.

Including the interim dividend of 1.0 cent, this takes the total dividend for the year to 2.2 cents per share.

icy97

新加坡地铁以新融资方案减少开支
企业摘要 | 2014年05月08日
文 : 吴文青        
http://www.sharesinv.com/zh/articles/46694/

新加坡地铁最近公布了其FY14业绩。一如预料，包括地铁、轻快铁和巴士在内的收费运输业务的表现影响了公司的整体业绩。

尽管如此，公司的股价却在2014年5月5日 上涨了23.5%，收报1.26元，令人感到 相当意外。

当然，股价会上涨必然有其原因。新加坡地铁的总裁郭木财在其4Q14业绩发布会上宣布，公司之后可能会采用一个新的地铁系统融资模式，而它已向政府提出这个方案。

简单来说，在新的融资模式下，新加坡地铁将把其列车资产售卖给政府，并改以向政府租赁这些资产的形式继续经营地铁系统。

所以，除了资产的拥有权改变之外，地铁系统仍照旧是由新加坡地铁负责经营。

从投资者的角度来看，若公司顺利执行这个方案，将有助于改善其营运表现，进而推高其股价。

公司的搭客人数一直以来都持续增长，在2005年至2014年之间，公司收入的10年年复合增长率(CAGR)达到5.6%。

公司能取得如此增长并不令人感到意外，因为其营运表现相对稳定，它凭着四条地铁线使它占据了列车领域78%的市场份额，其每天的搭客多达190万人次。

公司的表现不理想，主要是因为其营运开支相当庞大，压缩了其营运毛利率。

在FY14，单单列车业务的营运开支就多达5亿2,640万元，占了其总开支的将近一半。

在公司提出的地铁系统融资方案下，如果政府能以合理的租金(在考量了折旧和通货膨胀后)出租列车资产给公司，其列车营运开支将至少减少10%。

若一切能如期在2016年落实，公司的股东应该会相当高兴。

优点

• 占据列车领域78%的市场份额
• 大部分民众都需要搭乘公共交通工具
• 收入稳定，可从搭客量预测其收入
  

投资风险

• 在落实新的融资模式之前，公司的营运毛利率仍会受压
• 未来的发展项目将尽量使人口不会过于集中，这可能会使公司的市场份额减少
• 巴士和德士业务的表现仍欠佳，且没有利好因素出现
  

《股市资讯》的看法

尽管新的融资方案要到2016年才会落实，但公司确实能够通过这项计划减少其营运开支。趁此时机买入公司股票的投资者，能做的就是持守并期待公司能顺利实行其计划吧

thsy1127

继续上吧!!!!!!

thsy1127

already ROI 40%  

anyone joined this trend？？？