SBS Transit    Last:3.52    +0.03

SBS Transit

Yes, it may hit 3.44, when it comes a time when pigs can fly :)

PhillipTan      ( Date: 02-Sep-2021 22:34) Posted: DBS initiates coverage on SBS Transit with ' hold' , S$3.44 target price Despite recent developments in Parliament that hinted at potential support for the Downtown Line, DBS Group Research said it is " erring on the side of caution" for land transport operator SBS Transit, given the government' s outsized fiscal measures provided in view of Covid-19. On Thursday, it initiated coverage on the stock with " hold" and a S$3.44 target price to represent 21.7 times FY2022 price-to-earnings (P/E) estimates. This target is close to the stock' s 10-year mean forward P/E of 21.2 times, as well as its 10-year mean price-to-book value (P/B) of 1.74 times. Its analysts noted that at its last traded price of S$3.03 on Sept 1, the stock was around its peer average P/B of 1.6 times and therefore near its fair valuation, in their view. " The future trajectory of commuting remains murky, and we believe average daily rail ridership is likely to take time to recover. While we have projected average daily rail ridership to increase to 810,000 in FY2021 and 995,000 in FY2022, these remain depressed when compared to FY2019," said the research house in its report. " FY2022 revenue for the bus business will likely be relatively stable as SBS Transit only collects fares on behalf of the Land Transport Authority (LTA). In other words, the LTA bears most of the revenue risk for the bus business," observed DBS. While the Public Transport Council has recommended public transport fares remain unchanged to support commuters amid the pandemic, DBS analysts are projecting a 7 per cent on-year increase in FY2022, partially to make up for the unchanged fares in 2020 and also in view of rising cost pressures. This would translate to a 7.3 per cent rise in estimated FY2022 group revenue to S$1.38 billion. Revenue from higher public transport fares would however be offset by a tapering of government support measures, noted the analysts, as they believe the Jobs Support Scheme is unlikely to be extended given the improving pandemic situation in Singapore. " SBS Transit would thus have to record higher ridership figures or lower costs to make up for the shortfall even as it grapples with potential structural changes in work patterns," said the analysts. " A significant revamp of the Downtown Line financing framework leading to profitability a turnaround in rail ridership coupled with higher-than-expected fare revision or the award of a new bus package tender will be upside to our base-case assumptions," they added. As at 3.31pm on Thursday, shares of SBS Transit were trading at S$3.04, up S$0.01 or 0.3 per cent.

 

Sorry, can' t stay on the road...either cause death of passengers or stray off the road....HOPELESS!

tongphlp      ( Date: 03-Sep-2021 09:10) Posted: To the MOON.....i mean the ROAD :) PhillipTan      ( Date: 02-Sep-2021 22:34) Posted: DBS initiates coverage on SBS Transit with ' hold' , S$3.44 target price Despite recent developments in Parliament that hinted at potential support for the Downtown Line, DBS Group Research said it is " erring on the side of caution" for land transport operator SBS Transit, given the government' s outsized fiscal measures provided in view of Covid-19. On Thursday, it initiated coverage on the stock with " hold" and a S$3.44 target price to represent 21.7 times FY2022 price-to-earnings (P/E) estimates. This target is close to the stock' s 10-year mean forward P/E of 21.2 times, as well as its 10-year mean price-to-book value (P/B) of 1.74 times. Its analysts noted that at its last traded price of S$3.03 on Sept 1, the stock was around its peer average P/B of 1.6 times and therefore near its fair valuation, in their view. " The future trajectory of commuting remains murky, and we believe average daily rail ridership is likely to take time to recover. While we have projected average daily rail ridership to increase to 810,000 in FY2021 and 995,000 in FY2022, these remain depressed when compared to FY2019," said the research house in its report. " FY2022 revenue for the bus business will likely be relatively stable as SBS Transit only collects fares on behalf of the Land Transport Authority (LTA). In other words, the LTA bears most of the revenue risk for the bus business," observed DBS. While the Public Transport Council has recommended public transport fares remain unchanged to support commuters amid the pandemic, DBS analysts are projecting a 7 per cent on-year increase in FY2022, partially to make up for the unchanged fares in 2020 and also in view of rising cost pressures. This would translate to a 7.3 per cent rise in estimated FY2022 group revenue to S$1.38 billion. Revenue from higher public transport fares would however be offset by a tapering of government support measures, noted the analysts, as they believe the Jobs Support Scheme is unlikely to be extended given the improving pandemic situation in Singapore. " SBS Transit would thus have to record higher ridership figures or lower costs to make up for the shortfall even as it grapples with potential structural changes in work patterns," said the analysts. " A significant revamp of the Downtown Line financing framework leading to profitability a turnaround in rail ridership coupled with higher-than-expected fare revision or the award of a new bus package tender will be upside to our base-case assumptions," they added. As at 3.31pm on Thursday, shares of SBS Transit were trading at S$3.04, up S$0.01 or 0.3 per cent.

 

To the MOON.....i mean the ROAD :)

PhillipTan      ( Date: 02-Sep-2021 22:34) Posted: DBS initiates coverage on SBS Transit with ' hold' , S$3.44 target price Despite recent developments in Parliament that hinted at potential support for the Downtown Line, DBS Group Research said it is " erring on the side of caution" for land transport operator SBS Transit, given the government' s outsized fiscal measures provided in view of Covid-19. On Thursday, it initiated coverage on the stock with " hold" and a S$3.44 target price to represent 21.7 times FY2022 price-to-earnings (P/E) estimates. This target is close to the stock' s 10-year mean forward P/E of 21.2 times, as well as its 10-year mean price-to-book value (P/B) of 1.74 times. Its analysts noted that at its last traded price of S$3.03 on Sept 1, the stock was around its peer average P/B of 1.6 times and therefore near its fair valuation, in their view. " The future trajectory of commuting remains murky, and we believe average daily rail ridership is likely to take time to recover. While we have projected average daily rail ridership to increase to 810,000 in FY2021 and 995,000 in FY2022, these remain depressed when compared to FY2019," said the research house in its report. " FY2022 revenue for the bus business will likely be relatively stable as SBS Transit only collects fares on behalf of the Land Transport Authority (LTA). In other words, the LTA bears most of the revenue risk for the bus business," observed DBS. While the Public Transport Council has recommended public transport fares remain unchanged to support commuters amid the pandemic, DBS analysts are projecting a 7 per cent on-year increase in FY2022, partially to make up for the unchanged fares in 2020 and also in view of rising cost pressures. This would translate to a 7.3 per cent rise in estimated FY2022 group revenue to S$1.38 billion. Revenue from higher public transport fares would however be offset by a tapering of government support measures, noted the analysts, as they believe the Jobs Support Scheme is unlikely to be extended given the improving pandemic situation in Singapore. " SBS Transit would thus have to record higher ridership figures or lower costs to make up for the shortfall even as it grapples with potential structural changes in work patterns," said the analysts. " A significant revamp of the Downtown Line financing framework leading to profitability a turnaround in rail ridership coupled with higher-than-expected fare revision or the award of a new bus package tender will be upside to our base-case assumptions," they added. As at 3.31pm on Thursday, shares of SBS Transit were trading at S$3.04, up S$0.01 or 0.3 per cent.

 

DBS initiates coverage on SBS Transit with ' hold' , S$3.44 target price

Despite recent developments in Parliament that hinted at potential support for the Downtown Line, DBS Group Research said it is " erring on the side of caution" for land transport operator SBS Transit, given the government' s outsized fiscal measures provided in view of Covid-19.

On Thursday, it initiated coverage on the stock with " hold" and a S$3.44 target price to represent 21.7 times FY2022 price-to-earnings (P/E) estimates. This target is close to the stock' s 10-year mean forward P/E of 21.2 times, as well as its 10-year mean price-to-book value (P/B) of 1.74 times.

Its analysts noted that at its last traded price of S$3.03 on Sept 1, the stock was around its peer average P/B of 1.6 times and therefore near its fair valuation, in their view.

" The future trajectory of commuting remains murky, and we believe average daily rail ridership is likely to take time to recover. While we have projected average daily rail ridership to increase to 810,000 in FY2021 and 995,000 in FY2022, these remain depressed when compared to FY2019," said the research house in its report.

" FY2022 revenue for the bus business will likely be relatively stable as SBS Transit only collects fares on behalf of the Land Transport Authority (LTA). In other words, the LTA bears most of the revenue risk for the bus business," observed DBS.

While the Public Transport Council has recommended public transport fares remain unchanged to support commuters amid the pandemic, DBS analysts are projecting a 7 per cent on-year increase in FY2022, partially to make up for the unchanged fares in 2020 and also in view of rising cost pressures. This would translate to a 7.3 per cent rise in estimated FY2022 group revenue to S$1.38 billion.

Revenue from higher public transport fares would however be offset by a tapering of government support measures, noted the analysts, as they believe the Jobs Support Scheme is unlikely to be extended given the improving pandemic situation in Singapore.

" SBS Transit would thus have to record higher ridership figures or lower costs to make up for the shortfall even as it grapples with potential structural changes in work patterns," said the analysts.

" A significant revamp of the Downtown Line financing framework leading to profitability a turnaround in rail ridership coupled with higher-than-expected fare revision or the award of a new bus package tender will be upside to our base-case assumptions," they added.

As at 3.31pm on Thursday, shares of SBS Transit were trading at S$3.04, up S$0.01 or 0.3 per cent.

 

 

Apart from singtel, this one also another rotational play. Nice set up! Lets go SBS!

 

SBS Transit H1 profit up 11.9% on government' s wage support

SBS Transit' s (SBST) half-year net profit rose 11.9 per cent to S$36.5 million, propped up by government relief, which helped cushion reduced ridership due to the pandemic, the transport operator said in a business update on Thursday.

It declared an interim dividend of 5.75 Singapore cents per share, representing a payout ratio of 49.2 per cent.

Group revenue for H1 FY2021 rose 6.2 per cent to S$640.9 million. Revenue from SBST' s public-transport services business rose 5.9 per cent to S$621.4 million, while that from other commercial services went up 18.1 per cent to S$19.4 million for the period.

Operating profit went up 18.5 per cent year on year to S$38.2 million, but this figure would have stood at just S$3.6 million if not for support from the Singapore government' s Job Support Scheme, SBST said.

Earnings per share stood at 11.7 Singapore cents for the period.

SBST chief executive Cheng Siak Kian said the group maintains a " cautious outlook" for the rest of the financial year. " As we enter the second half-year, there are still many uncertainties with regard to the trajectory of the virus, which is compounded by the emergence of (the) more contagious Delta variant. This may delay the pace of recovery of the economy, and the ridership on our trains," he said.

Public transport ridership is expected to improve as more employees can now return to their workplaces, and as eateries and entertainment venues resume operations. But it is unlikely to recover to pre-Covid-19 levels in the near future, the group said.

It will also face rising costs as reliefs taper while energy prices continue to increase, among other factors.

As part of workplace protection measures, SBST said it will increase the number of employees sent for regular Covid-19 testing. As at Aug 7, 2021, about 94 per cent of its employees have received at least their first dose of a Covid-19 vaccine.

SBST shares ended Thursday flat at S$3.00.

 

 

to the ROAD! :)

look@bright      ( Date: 13-Aug-2021 08:08) Posted: Ridership Rail ridership includes North East Line (NEL), Downtown Line (DTL), Sengkang and Punggol Light Rail Transit (LRT). Average Daily Ridership Month 2014 2015 2016 2017 2018 2019 2020 2021 January 649,460 686,426 875,831 934,363 1,142,026 1,250,833 1,195,131 844,322 February 627,959 691,918 859,465 948,224 1,141,750 1,186,795 1,016,292 853,580 March 637,010 688,147 880,966 955,433 1,144,294 1,217,877 923,319 882,892 April 637,727 689,305 879,413 937,046 1,149,121 1,213,490 288,664 897,317 May 641,864 696,010 886,145 925,537 1,146,071 1,201,397 195,515 621,167 June 654,114 695,964 882,270 919,224 1,140,105 1,167,470 421,444 569,958 July 678,218 738,130 924,305 970,856 1,222,488 1,273,328 628,983 675,404 August 687,131 736,760 931,257 974,022 1,212,155 1,238,783 685,186   September 684,510 713,374 931,944 949,122 1,210,267 1,236,770 735,858   October 676,531 724,470 924,299 1,010,020 1,221,798 1,241,812 776,078   November 668,592 708,426 903,336 1,102,296 1,182,284 1,213,402 795,843   December 692,202 771,239 908,271 1,079,944 1,152,919 1,170,724 850,271     Sengkang LRT, NEL, Punggol LRT, DTL1, DTL2 and DTL3 commenced revenue service on 18 January 2003, 20 June 2003, 29 January 2005, 22 December 2013, 27 December 2015 and 21 October 2017. tongphlp      ( Date: 13-Aug-2021 07:56) Posted: SBS Transit H1 profit up 11.9% on government' s wage support THU, AUG 12, 2021 - 7:33 PM     UPDATED THU, AUG 12, 2021 - 7:45 PM

 

Ridership

tongphlp      ( Date: 13-Aug-2021 07:56) Posted: SBS Transit H1 profit up 11.9% on government' s wage support THU, AUG 12, 2021 - 7:33 PM     UPDATED THU, AUG 12, 2021 - 7:45 PM look@bright      ( Date: 12-May-2021 16:19) Posted: Ridership Rail ridership includes North East Line (NEL), Downtown Line (DTL), Sengkang and Punggol Light Rail Transit (LRT). Average Daily Ridership Month 2014 2015 2016 2017 2018 2019 2020 2021 January 649,460 686,426 875,831 934,363 1,142,026 1,250,833 1,195,131 844,322 February 627,959 691,918 859,465 948,224 1,141,750 1,186,795 1,016,292 853,580 March 637,010 688,147 880,966 955,433 1,144,294 1,217,877 923,319 882,892 April 637,727 689,305 879,413 937,046 1,149,121 1,213,490 288,664 897,317 May 641,864 696,010 886,145 925,537 1,146,071 1,201,397 195,515   June 654,114 695,964 882,270 919,224 1,140,105 1,167,470 421,444   July 678,218 738,130 924,305 970,856 1,222,488 1,273,328 628,983   August 687,131 736,760 931,257 974,022 1,212,155 1,238,783 685,186   September 684,510 713,374 931,944 949,122 1,210,267 1,236,770 735,858   October 676,531 724,470 924,299 1,010,020 1,221,798 1,241,812 776,078   November 668,592 708,426 903,336 1,102,296 1,182,284 1,213,402 795,843   December 692,202 771,239 908,271 1,079,944 1,152,919 1,170,724 850,271     Sengkang LRT, NEL, Punggol LRT, DTL1, DTL2 and DTL3 commenced revenue service on 18 January 2003, 20 June 2003, 29 January 2005, 22 December 2013, 27 December 2015 and 21 October 2017.

 

look@bright      ( Date: 12-May-2021 16:19) Posted: Ridership Rail ridership includes North East Line (NEL), Downtown Line (DTL), Sengkang and Punggol Light Rail Transit (LRT). Average Daily Ridership Month 2014 2015 2016 2017 2018 2019 2020 2021 January 649,460 686,426 875,831 934,363 1,142,026 1,250,833 1,195,131 844,322 February 627,959 691,918 859,465 948,224 1,141,750 1,186,795 1,016,292 853,580 March 637,010 688,147 880,966 955,433 1,144,294 1,217,877 923,319 882,892 April 637,727 689,305 879,413 937,046 1,149,121 1,213,490 288,664 897,317 May 641,864 696,010 886,145 925,537 1,146,071 1,201,397 195,515   June 654,114 695,964 882,270 919,224 1,140,105 1,167,470 421,444   July 678,218 738,130 924,305 970,856 1,222,488 1,273,328 628,983   August 687,131 736,760 931,257 974,022 1,212,155 1,238,783 685,186   September 684,510 713,374 931,944 949,122 1,210,267 1,236,770 735,858   October 676,531 724,470 924,299 1,010,020 1,221,798 1,241,812 776,078   November 668,592 708,426 903,336 1,102,296 1,182,284 1,213,402 795,843   December 692,202 771,239 908,271 1,079,944 1,152,919 1,170,724 850,271     Sengkang LRT, NEL, Punggol LRT, DTL1, DTL2 and DTL3 commenced revenue service on 18 January 2003, 20 June 2003, 29 January 2005, 22 December 2013, 27 December 2015 and 21 October 2017.

 

Ridership

 

From my understanding of SBS divs, but I could be wrong
May div payout = Final dividend payout for the previous year
Aug div payout = Interim dividend payout for the current year

Chairman said no interim div
- if no interim div refers to no interim div for year 2021, then this aug will have no div
- if no interim div refers to no interim div for year 2020, it is a correct statement because there were no div in aug last year

I didn' t read the report, nor did I attend the agm
So I didn' t know he referred to which year interim div

Final div of 6.3 cents = Final div for year 2020 payable on May 2021

Hope this is clear
 

jackass      ( Date: 11-May-2021 19:10) Posted: i' m confused now, reading the Y2021 AGM meeting minutes, page 8 resolution 2  it says  " Resolution 2: Declaration of Final Dividend Chairman put forward Resolution 2 of the Agenda to declare a final dividend. Responding to questions relevant to this Agenda item, Chairman said there was no interim dividend, but a  first and final dividend of 6.30 cents per ordinary share  has been proposed for FY2020. This was due to the uncertain outlook and the Company& rsquo s prudent approach towards dividend payout for FY2020. Excluding Government support, the Company would have recorded a net loss of $29.8m. The Company would maintain its dividend policy of distributing at least 50% of its profit and retaining the rest for expansion, barring any unusual circumstances like 2020 due to COVID-19. Chairman invited the Shareholders to raise any question pertaining to Resolution 2 but none were raised. Chairman said that Resolution 2 had been put to a vote with proxy votes received in advance: Votes FOR the Resolution : 235,893,874 votes (approximately 100.00%) Votes AGAINST the Resolution : 4,300 votes (approximately 0.00%) Chairman declared the Resolution duly carried. RESOLVED that a tax-exempt one-tier  final dividend of 6.30 cents per ordinary share  in respect of the Financial Year ended 31 December 2020, as proposed by the Board of Directors  be paid on 19 May 2021  to members whose names appear on the Register of Members as at 5.00 p.m. on  7 May 2021. PhillipTan      ( Date: 11-May-2021 17:13) Posted: Yes, every May and August August div usually is more than May to

 

maybe not shorted
general market went down plus singapore covid back to phase 2
ridership volume sure to be affected and hence profits and share price i guess

look@bright      ( Date: 11-May-2021 19:51) Posted: kenna short heavily PhillipTan      ( Date: 11-May-2021 13:19) Posted: Have underground als

 

kenna short heavily

PhillipTan      ( Date: 11-May-2021 13:19) Posted: Have underground also tongphlp      ( Date: 11-May-2021 10:44) Posted: Oh, I forgot it is grounded...not a rocket so can' t fly to the moon :

 

i' m confused now,
reading the Y2021 AGM meeting minutes, page 8 resolution 2 
it says 

" Resolution 2: Declaration of Final Dividend Chairman put forward Resolution 2 of the Agenda to declare a final dividend.

PhillipTan      ( Date: 11-May-2021 17:13) Posted: Yes, every May and August August div usually is more than May too jackass      ( Date: 11-May-2021 16:57) Posted: will there be 1 more round of dividend payout in the month of Aug 2021 ? not sure if the dividend payout in May 2021 for SBS transit is the first and final dividend for Y2021  Appreciate if anyone can share some updates for SBS transit

 

Yes, every May and August
August div usually is more than May too

jackass      ( Date: 11-May-2021 16:57) Posted: will there be 1 more round of dividend payout in the month of Aug 2021 ? not sure if the dividend payout in May 2021 for SBS transit is the first and final dividend for Y2021  Appreciate if anyone can share some updates for SBS transit

 

yah...grounded can be above and under :)

PhillipTan      ( Date: 11-May-2021 13:19) Posted: Have underground also tongphlp      ( Date: 11-May-2021 10:44) Posted: Oh, I forgot it is grounded...not a rocket so can' t fly to the moon :

 

will there be 1 more round of dividend payout in the month of Aug 2021 ?

not sure if the dividend payout in May 2021 for SBS transit is the first and final dividend for Y2021 

Appreciate if anyone can share some updates for SBS transit

 

Have underground also

tongphlp      ( Date: 11-May-2021 10:44) Posted: Oh, I forgot it is grounded...not a rocket so can' t fly to the moon :) tongphlp      ( Date: 11-May-2021 10:17) Posted: To the MOON! :

 

Oh, I forgot it is grounded...not a rocket so can' t fly to the moon :)

tongphlp      ( Date: 11-May-2021 10:17) Posted: To the MOON! :) Joelton      ( Date: 11-May-2021 09:20) Posted: SBS Transit' s Q1 profit after tax jumps to S$23.3m, buoyed by government reliefs IN a business update, transport operator SBS Transit posted a profit after tax of S$23.3 million for the first quarter ended March 31, 2021, more than doubling from S$11.1 million the year before.   Revenue fell 6.5 per cent to S$317 million but operating profit increased 70.9 per cent to S$24.9 million. Without Covid-19 government reliefs, operating profit would have fallen 52.5 per cent to S$6.3 million.   Revenue from the public transport services segment was 6.5 per cent lower mainly due to lower rail ridership and lower service fees. Revenue from other commercial services was down 7.6 per cent mainly because of lower advertising revenue.   SBS Transit said it has observed a gradual pick-up of daily ridership on both the Downtown Line (DTL) and North-East Line (NEL). As at the end of March 2021, NEL and DTL' s ridership were 65-70 per cent of the levels prior to the Covid-19 outbreak.   Operating costs fell because of wage subsidies, lower salaries and related costs, and lower repairs and maintenance costs.   The company noted that while rail ridership is improving, it is unlikely to return to pre-Covid levels as more companies are adopting working-from-home practices for their employees.   It sees a prolonged and uneven recovery ahead, barring any second wave of Covid-19 infections in Singapore. In addition, the Jobs Support Scheme that provides wage subsidies will be much reduced in 2021.   Net cash excluding finance leases as at end-March 2021 stood at S$122.6 million, higher than S$60.6 million as at Dec 31, 2020.

 

To the MOON! :)

Joelton      ( Date: 11-May-2021 09:20) Posted: SBS Transit' s Q1 profit after tax jumps to S$23.3m, buoyed by government reliefs IN a business update, transport operator SBS Transit posted a profit after tax of S$23.3 million for the first quarter ended March 31, 2021, more than doubling from S$11.1 million the year before.   Revenue fell 6.5 per cent to S$317 million but operating profit increased 70.9 per cent to S$24.9 million. Without Covid-19 government reliefs, operating profit would have fallen 52.5 per cent to S$6.3 million.   Revenue from the public transport services segment was 6.5 per cent lower mainly due to lower rail ridership and lower service fees. Revenue from other commercial services was down 7.6 per cent mainly because of lower advertising revenue.   SBS Transit said it has observed a gradual pick-up of daily ridership on both the Downtown Line (DTL) and North-East Line (NEL). As at the end of March 2021, NEL and DTL' s ridership were 65-70 per cent of the levels prior to the Covid-19 outbreak.   Operating costs fell because of wage subsidies, lower salaries and related costs, and lower repairs and maintenance costs.   The company noted that while rail ridership is improving, it is unlikely to return to pre-Covid levels as more companies are adopting working-from-home practices for their employees.   It sees a prolonged and uneven recovery ahead, barring any second wave of Covid-19 infections in Singapore. In addition, the Jobs Support Scheme that provides wage subsidies will be much reduced in 2021.   Net cash excluding finance leases as at end-March 2021 stood at S$122.6 million, higher than S$60.6 million as at Dec 31, 2020.