Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

As the competition for drivers heats up, I decided to compare the perks and drawbacks of driving a traditional taxi versus an Uber/Grab car. Besides financial incentives, there are other less obvious perks such as flexibility and reputation.

As the competition for drivers heats up, I decided to compare the perks and drawbacks of driving a traditional taxi versus an Uber/Grab car. Besides financial incentives, there are other less obvious perks such as flexibility and reputation.

Weekend Fun Read: Better to Drive Taxi or Uber/Grab Car?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In this piece, we attempt to assess the battlefield for private-ride passengers in Singapore in 3Q16 and 4Q16 by counting the number of promotions offered by Grab, Uber and ComfortDelGro (CD). Besides intense competition in its taxi segments, CD's bus segment's EBIT (~36% of group) may not match last year's. In this piece, we attempt to answer the following questions:<ul><li>Why is the taxi segment important? (An overview of the business)</li><li>Assessing the battlefield for private-ride passengers in Singapore: Who is the winner?</li><li>What can we expect from CD's bus business?</li><li>Will its rail business be a bright spot?</li><li>With multiple headwinds and group ROCE peaking, can forward PE stay at current levels? </li></ul>

In this piece, we attempt to assess the battlefield for private-ride passengers in Singapore in 3Q16 and 4Q16 by counting the number of promotions offered by Grab, Uber and ComfortDelGro (CD). Besides intense competition in its taxi segments, CD's bus segment's EBIT (~36% of group) may not match last year's. In this piece, we attempt to answer the following questions:Why is the taxi segment important? (An overview of the business)Assessing the battlefield for private-ride passengers in Singapore: Who is the winner?What can we expect from CD's bus business?Will its rail business be a bright spot?With multiple headwinds and group ROCE peaking, can forward PE stay at current levels? 

Mirror Mirror on the Wall, Who Will Win the Taxi War?

<ul>
<li>Trans-cab (the second largest taxi operator in Singapore) slashed taxi rentals for cabbies by 34%. The company said that this is to help their drivers cope with the fall in income given the intense competition from Uber and Grab drivers. Source: <a href="http://www.channelnewsasia.com/news/singapore/trans-cab-slashes-taxi-rentals-amid-growing-competition/3399424.html" target="_blank">Channel News Asia</a>
</li>
<li>SMRT, the other major cab operator in Singapore, has recently offered to cut its taxi fleet rentals for new taxi drivers by almost 50%. Although they claim it is for a 'limited period', this promotion is likely to be re-used to…</li>
</ul>


Trans-cab (the second largest taxi operator in Singapore) slashed taxi rentals for cabbies by 34%. The company said that this is to help their drivers cope with the fall in income given the intense competition from Uber and Grab drivers. Source: Channel News Asia

SMRT, the other major cab operator in Singapore, has recently offered to cut its taxi fleet rentals for new taxi drivers by almost 50%. Although they claim it is for a 'limited period', this promotion is likely to be re-used to…


Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Despite winning several big orders, Chinese-supplied railway rolling stock does not have the best of reputations in Asia, whilst several prestigious track-laying projects have been beset with delays and technical problems.

Despite winning several big orders, Chinese-supplied railway rolling stock does not have the best of reputations in Asia, whilst several prestigious track-laying projects have been beset with delays and technical problems. 

Singapore

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

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Comfortdelgro Corp (CD SP)

Weekend Fun Read: Better to Drive Taxi or Uber/Grab Car?

As the competition for drivers heats up, I decided to compare the perks and drawbacks of driving a traditional taxi versus an Uber/Grab car....

Valerie Law, CFA

Mirror Mirror on the Wall, Who Will Win the Taxi War?

In this piece, we attempt to assess the battlefield for private-ride passengers in Singapore in 3Q16 and 4Q16 by counting the number of promotions...

Valerie Law, CFA

Price War on Taxi Rentals Has Begun

Trans-cab (the second largest taxi operator in Singapore) slashed taxi rentals for cabbies by 34%. The company said that this is to help their...

Valerie Law, CFA

Rolling Stock and Railway Track

Despite winning several big orders, Chinese-supplied railway rolling stock does not have the best of reputations in Asia, whilst several...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekend Fun Read: Better to Drive Taxi or Uber/Grab Car?

As the competition for drivers heats up, I decided to compare the perks and drawbacks of driving a traditional taxi versus an Uber/Grab car....

Valerie Law, CFA

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)

Mirror Mirror on the Wall, Who Will Win the Taxi War?

In this piece, we attempt to assess the battlefield for private-ride passengers in Singapore in 3Q16 and 4Q16 by counting the number of promotions...

Valerie Law, CFA

Price War on Taxi Rentals Has Begun

Trans-cab (the second largest taxi operator in Singapore) slashed taxi rentals for cabbies by 34%. The company said that this is to help their...

Valerie Law, CFA

Rolling Stock and Railway Track

Despite winning several big orders, Chinese-supplied railway rolling stock does not have the best of reputations in Asia, whilst several...

Bixmoor