Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>SBS Transit has de-rated during COVID, and has not recovered to pre-COVID's historical mean. </li>
<li>Management has revised its shareholder return policy to distribute all earnings as dividends, but the market has yet to re-rate accordingly. </li>
<li>Our TP of SGD3.90 is based on 6% FY26 dividend yield, SBS Transit offers a reliable income stream and stability, supported by its role in Singapore's transport system.</li>
</ul>


SBS Transit has de-rated during COVID, and has not recovered to pre-COVID's historical mean. 
Management has revised its shareholder return policy to distribute all earnings as dividends, but the market has yet to re-rate accordingly. 
Our TP of SGD3.90 is based on 6% FY26 dividend yield, SBS Transit offers a reliable income stream and stability, supported by its role in Singapore's transport system.


SBS Transit (SBUS SP): A Second Look at Valuations

<ul>
<li>SBS Transit is a mature, stable public transport operator in Singapore, serving as a key benchmark in the regional transport sector due to its established operations and comprehensive network.  </li>
<li>Despite operating in a saturated market, SBS Transit maintains a robust financial profile, characterized by stable earnings and a superior cash conversion cycle due to its advance payment model. </li>
<li>BUY with TP of SGD3.90 (6% FY26 dividend yield), SBS Transit offers investors a reliable income stream and stability, supported by its role in Singapore's highly urbanized transport system.</li>
</ul>


SBS Transit is a mature, stable public transport operator in Singapore, serving as a key benchmark in the regional transport sector due to its established operations and comprehensive network.  
Despite operating in a saturated market, SBS Transit maintains a robust financial profile, characterized by stable earnings and a superior cash conversion cycle due to its advance payment model. 
BUY with TP of SGD3.90 (6% FY26 dividend yield), SBS Transit offers investors a reliable income stream and stability, supported by its role in Singapore's highly urbanized transport system.


SBS Transit (SBUS SP | BUY | TP:S$3.92): Bussing for Dividends

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>SBS Transit Ltd (“SBS”) is Singapore’s largest public bus operator and one of the two major rail operators in the country.</li><li>Its core business includes the provision of public transport services and consultancy related to land transport.</li><li>As of 2024, SBS operated approximately 200 bus routes with a fleet of over 3,300 buses and operated 81 train stations with a fleet of 200 trains. </li></ul>

SBS Transit Ltd (“SBS”) is Singapore’s largest public bus operator and one of the two major rail operators in the country.Its core business includes the provision of public transport services and consultancy related to land transport.As of 2024, SBS operated approximately 200 bus routes with a fleet of over 3,300 buses and operated 81 train stations with a fleet of 200 trains. 

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

We’ve made it our mission to enable advisers to partner with clients to make more considered choices, across their entire financial life journey. Together, we’re building an industry where financial advisers do better.

<ul><li>The U.S. ESG pullback creates global uncertainty but opens a strategic window for Singapore to cement its leadership in sustainable finance.</li><li>Singapore’s real advantage lies in green finance and carbon services—scalable, high-impact sectors unconstrained by its geographic limits.</li><li>With strong regulation, clear sustainability targets, and a growing ecosystem of carbon markets and ESG fintechs, it is primed to attract global capital and companies.</li></ul>

The U.S. ESG pullback creates global uncertainty but opens a strategic window for Singapore to cement its leadership in sustainable finance.Singapore’s real advantage lies in green finance and carbon services—scalable, high-impact sectors unconstrained by its geographic limits.With strong regulation, clear sustainability targets, and a growing ecosystem of carbon markets and ESG fintechs, it is primed to attract global capital and companies.

Greening the Future: Sustainability in Singapore

Singapore

SBS Transit is a leading multi-modal public transport operator in Singapore, providing extensive bus and rail services. Its offerings include various bus services, the North East MRT Line, Downtown MRT Line, and the Sengkang and Punggol Light Rail Transit systems. The company is headquartered in Singapore and was founded in 1973 as Singapore Bus Services.

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SBS Transit (SBUS SP)