SINGAPORE (Oct 29): DBS has downgraded SMRT Holdings to “fully valued” from “hold” with $1.24 target price as it believes the market has “prematurely” priced in rail reforms.

“With the recent surge in share price, we believe the market may have been overly optimistic on the possible impact of the New Rail Financing Framework (NFF) for SMRT,” says Andy Sim in a Thursday report.

While the event should be a positive catalyst for SMRT when it happens, Sim believes there is limited upside at current share price.

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