SMRT stocks derailed?

Strain on rail transport gives ComfortDelgro an edge.

According to Maybank Kim Eng Singapore, recent initiatives by the government promoting bus ridership to alleviate the strain on rail transport leads them to believe that ComfortDelgro rather than SMRT will be the overall winner.

They reiterate the preference for ComfortDelgro and believe it justifies a Buy on a higher 16x PER valuation, with TP of $1.85. SMRT remains a Sell based on 15x PER, with TP of $1.41. Maybank Kim Eng sees a unique pair trade opportunity awaiting investors, with a potential to gain from both a 20% upside to the ComfortDelgro TP and 19% downside to the SMRT TP.

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