SINGAPORE (Oct 29): OCBC has cut SMRT Corp. to “hold” on “valuation grounds” and reduces its fair value estimate on the Singapore public transport operator to $1.43 from $1.45.

OCBC notes that the company reported growth across all its business segments except engineering services and revenue rose 4.7% on-year to $328.8 million in its fiscal second quarter.

OCBC says it expects “maintenance-related expenses, including related staff and depreciation costs, to be a drag on SMRT's earnings, at least for the next three years.”

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