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• Revenue: -6.6% (2Q09), -2.6% (1H09)
• Net Profit: +111.9% (2Q09), +49.0% (1H09)
• Outlook: Bus revenue is expected to be lower due to the temporary fare reduction and increase in transfer rebate which were effective from 1 April 2009 and expected lower ridership.
• Rail revenue is expected to be higher as ridership is expected to continue to increase offset by the temporary fare reduction and increase in transfer rebate.
• Revenue from Rental is expected to be better than last year due to new shops earning a full year revenue.
• Advertising will continue to face challenging business conditions.
• In order to meet the tighter Quality of Service standards for bus scheduled peak headways effective from August 2009, additional costs have to be incurred.
• Repairs and maintenance expenses are expected to be higher due to enhanced grooming and overhaul and maintenance of buses and trains.
• Depreciation expense is expected to increase with the addition of buses to renew the fleet.
• Fuel and electricity costs will be lower than last year if fuel prices remain at the current levels.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 179,622 168,898
2008 176,997 180,813 188,174 184,405 729,643
2007 162,879 166,227 170,274 170,662 670,042
2006 151,989 151,866 162,055 162,642 628,552
2005 144,493 144,552 151,989 149,292 590,326
2004 NA NA 146,192 143,382 572,544
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 18,785 13,531
2008 15,296 6,386 8,322 10,576 40,580
2007 17,039 14,523 10,025 8,435 50,022
2006 14,623 11,596 14,377 15,537 56,133
2005 13,074 11,597 13,257 13,608 51,536
2004 na na 14,222 9,572 49,041
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Dividends

FY Interim Special Final Special (SGD)
2009 0.045
2008 0.03 NA 0.036 NA
2007 0.06 0.08 0.0325 NA
2006 0.05 NA 0.065 0.17
2005 0.05 NA 0.05 0.15
2004 0.0375 NA 0.0625 0.15
2003 0.04 NA 0.0275 NA
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Bonus / Rights / Stock Split

Date Type Details
NA
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Share Data (SGD)

NAV = $0.91
EPS = $0.105 (6M FY09)
Diluted EPS = $0.105 (6M FY09)
No of Shares = 307,720,516
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA