Rail ridership has seen steady recovery since the lifting of circuit breaker measures in June, they add. According to SBS Transit, rail ridership for the Downtown Line and North-East Line were at 53% and 60% of pre-Covid-19 levels respectively as of end-September.
SBS Transit is on the road to recovery with further easing of social distancing measures expected soon, says CGS-CIMB analysts Ong Khang Chuen and Darren Ong. In a Nov 12 note, the analysts maintain their ‘add’ call on the transport operator, with a raised target price of $3.60.
“We expect rail ridership to recover to 75% of pre-Covid levels by end-FY2020F, helped by further easing of social distancing measures in Singapore, including the relaxation of work from home arrangements and a potential transition to phase 3 of its economy reopening,” say the analysts.
