Maintaining profit growth of 5% over last 3 FY
Despite stable revenue shows prudent cost management but partly from more cost effective contracting services.
Increase ridership will drive bus & rail core business growth if cost management on the latter is successful.
The other core taxi business is facing headwinds with limited 1-3% growth Y-o-Y and have taken learnings from uber/grab with better benefits to consumers. What remains if it can continue to adapt to remain competitive long run.
Overseas business remain flat and are affected by weaker exchange rates.
Nevertheless with 70% payout, 4% yield with potential upside on growth through cost management. $2.57 remains the target price in near future.