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PHILLIP Securities Research has maintained its "reduce" call on the shares of SMRT Corp with an unchanged target price of S$1.54.
It said the group's S$1.24 billion full-year revenue was within consensus expectations of S$1.23 billion.
Profit after tax and minority interests (Patmi) for the full year was S$91 million, slightly below consensus expectations of S$94.9 million.
Final proposed dividend per share was 1.75 Singapore cents. Including the interim dividend of 1.5 cents, this will bring the total dividend per share for FY2015 to 3.25 Singapore cents.
"Challenging outlook for Train-business (largest revenue contributor) outweighs the positives from the improvement in Bus-business. We maintain our "Reduce" rating on SMRT, with unchanged target price of S$1.54. This gives an implied forward price earnings multiple of 25.1x, which is in line with 5-year average of 25.9x," said the research house.