Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

<p><strong>The taxi situation</strong></p><ul>
<li>On Friday, local news media Today reported that over 2,000 ComfortDelgro taxi hirers are keen to join rival taxi operators partnering with Grab after the private-hire company offered rental rebates to entice them to switch over (Source: <a href="http://www.todayonline.com/singapore/over-2000-comfortdelgro-cabbies-express-interest-joining-grab" target="_blank">Today</a>).</li>
<li>The move is not totally unexpected, given that there are now more idle cars for Grab to take advantage of as compared to the past. Uber has supposedly 'given up' on 3,000 to 4,000 cars (Source: <a href="http://www.businesstimes.com.sg/transport/possible-deluge-of-used-cars-ahead-but-impact-uncertain" target="_blank">Business Times</a>) as they probably…</li>
</ul>

The taxi situation
On Friday, local news media Today reported that over 2,000 ComfortDelgro taxi hirers are keen to join rival taxi operators partnering with Grab after the private-hire company offered rental rebates to entice them to switch over (Source: Today).
The move is not totally unexpected, given that there are now more idle cars for Grab to take advantage of as compared to the past. Uber has supposedly 'given up' on 3,000 to 4,000 cars (Source: Business Times) as they probably…


ComfortDelgro's Drivers' Update and SBS' Failure to Win New Train Line Signal Share Price Pressures

Thematic (Sector/Industry)

<p>There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or practices, from disruption. Even the Singapore government has started to shift its career-advancement practices (<a href="http://www.straitstimes.com/singapore/civil-servants-no-longer-grouped-by-education-level" target="_blank">civil servants no longer grouped by educational level</a>) and the channels it propagates messages. </p><p>1. <strong>First, a headline that can't be missed</strong>:  On Wednesday (22 February), the Business Times headline screams: Signal goes out to struggling firms: <strong>Buck up -</strong>…</p>

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or practices, from disruption. Even the Singapore government has started to shift its career-advancement practices (civil servants no longer grouped by educational level) and the channels it propagates messages. 1. First, a headline that can't be missed:  On Wednesday (22 February), the Business Times headline screams: Signal goes out to struggling firms: Buck up -…

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

<p>Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a></p><h2><strong>Security Costs to</strong></h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

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<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<p>Early this morning, 6 September 2016, SMRT released the <a href="http://infopub.sgx.com/FileOpen/Scheme%20Document%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420331" target="_blank">scheme document</a> and <a href="http://infopub.sgx.com/FileOpen/Notice%20of%20Scheme%20Meeting%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420330" target="_blank">notice of the scheme meeting</a> pursuant to Temasek privatization of SMRT.</p><div class="content-highlight"><p><strong>The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. </strong></p></div><p>For the scheme to pass, SMRT will need</p><ol>
<li>75<em>% of votes (Temasek cannot vote); and </em>
</li>
<li><em>Majority in number (Headcount rule)</em></li>
</ol><h2>Key Dates</h2><table class="table table-striped"><tbody>
<tr>
<td><strong>Date</strong></td>
<td><strong>Event</strong></td>
</tr>
<tr>
<td>29 September 2016</td>
<td>Scheme meeting</td>
</tr>
<tr>
<td>14 October 2016</td>
<td>Court hearing to sanction the scheme</td>
</tr>
<tr>
<td>by 1 November 2016</td>
<td>Expected payment date</td>
</tr>
</tbody></table><h2>IFA's Report</h2><p>Rothschild…</p>

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of SMRT.The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. For the scheme to pass, SMRT will need
75% of votes (Temasek cannot vote); and 

Majority in number (Headcount rule)
Key Dates

Date
Event


29 September 2016
Scheme meeting


14 October 2016
Court hearing to sanction the scheme


by 1 November 2016
Expected payment date

IFA's ReportRothschild…

Singapore

SBS Transit Limited provides public bus services, advertisement on its bus fleet, and bus chartering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

SBS Transit Ltd (SBUS SP)

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or...

Valerie Law, CFA

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

SMRT - Analysis of the Scheme Document

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ComfortDelgro's Drivers' Update and SBS' Failure to Win New Train Line Signal Share Price Pressures

The taxi situation On Friday, local news media Today reported that over 2,000 ComfortDelgro taxi hirers are keen to join rival taxi operators...

Valerie Law, CFA

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or...

Valerie Law, CFA

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

SMRT - Analysis of the Scheme Document

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of...

Crispin Francis