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Investor CentralSMRT Corporation Limited - How much will SMRT benefit from fare hike?
27/1/2014 – SMRT Corporation had its wishes granted when the Public Transport Council announced the first fare hike since 2011 on January 16.
Adult EZ-link fares will rise by 4-6 cents per journey, 20 cents for those paying cash.
Various discounts will be granted to students, seniors and National Servicemen.
SMRT and SBS Transit had submitted an application just before Christmas for a fare increase.
The TODAY paper reports they had asked for a 6.6% increase - in the end a 3.2% increase was granted.
This will mark as a good start for Ong Eng Keang, who has been appointed as its new Executive Vice President and Chief Financial Officer, with effect January 3, 2014.
He was previously Deputy Chief Executive Officer, Chief Financial Officer and Chief Investment Officer of Hyflux Limited, an appointment he held since 2006.
Between 1992 and 2006, Mr Ong was working for Business Finance and Treasury and The Dow Chemical Company.
He replaces Catherine Lee Khia Yee, who has left to pursue "other career opportunities" as indicated in a January 14 announcement.
She has 5,100 shares in SMRT Corporation Ltd.
She is also still holding directorships at SMRT Capital Pte Ltd, SMRT Far East Pte Ltd, SMRT Cayman I, SMRT Cayman II, SMRT Hong Kong Limited and Shenzhen Zona Transportation Group Co. Ltd.
Ms Lee joined SMRT in 2011 from the Breadtalk Group where she was Group Chief Financial Officer, a position she held since 2006.
Investor Central. Asian insights for global investors. We ask the tough questions of Asian companies which global investors need answers to.
1. How much will SMRT benefit from the fare hike?
The critical question for investors is whether this fare hike will put the company back on a firm financial footing, resulting in higher dividends and a rising shareprice.
2. What are the targets set down for Mr Ong in his new appointment as EVP and CFO?
3. What strategic ideas can Mr Ong contribute to the company?
In 2012, SMRT had earmarked S$900 mln on the "renewal and preventive maintenance" for its trains, an expenditure which will go into major projects expected to be implemented over eight years.
How is progress so far?
(Total number of questions in the full story: 6)
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