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SMRT: Disembark and move on

A lower DPS could be additional de-rating catalyst for the counter in light of challenges faced Lowered our FY13F yield projections to 4.1% Negative profit growth, regulatory risks, management changes are reasons not to hold on Cut earnings by 11%/12%; Downgrade to Fully Valued, TP lowered to S$1.50 Lowering our DPS in FY13F. We believe ...

 

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