SMRT is integral to the lives of many Singaporeans. Without the public train and bus services, Singapore will literally cease to function. As a result, the public's general perception is that SMRT is a company that service the masses (low-middle income families). It is simply too big to fail. It even has Temasek Holdings as its major shareholder. At first glance, SMRT should be a solid blue-chip with strong fundamentals. Unfortunately, in my opinion, that is far from the truth.


I can imagine the following scenario playing out in an informal coffeeshop or hawker centre chit chat session.

Teochew porridge uncle, "Hi DW! Here for some porridge again?"

DW, "Yup. I am a Teochew after all. Please give me extra pork liver in my porridge. Thanks uncle!"

After 5 minutes......

Teochew porridge uncle, "Here you go. Enjoy! By the way, I just read from the papers that SMRT ......