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Brokers' take

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Given the deteriorating operating conditions of the train network, the transition of SMRT's rail business to the New Rail Financing Framework (NRFF) may occur anytime between the commencement of the Government Contracting Model (GCM) for its bus division and 2019.

Lippo Malls Indo Retail Trust | Hold

Target price: S$0.35

May 4 close: S$0.335

OCBC Investment Research, May 4

Despite the uncertain global economic outlook, strong economic fundamentals within the country