SMRT shares surged to a day high of S$1.575 on Friday, 4th December 2015 after our transport minister Mr Khaw Boon Wan spoke about integrating the roles of the Land Transport Authority (LTA), which currently designs and builds the rail system, and the rail operators that maintain the system. If you have been following up on discussions related to the rail reform framework, if the policy or deal goes through, the government will take over SMRT’s rail assets. This will turn SMRT into a pure operator which means that SMRT will no longer have to fund the rail CAPEX. In my previous post (Summary of September 2015 Transactions), I mentioned about waiting for the opportunity to exit this stock and I have been following my plan. In the recent stock rallies, I have significantly reduced my holdings in SMRT. The current surge in SMRT stock price will certainly pose an ......