SBS's AY10 report
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I like the statement: The experience in handling the smaller BNL Int served to help in the shifting of the 2 new and smaller bus interchange come 2011.
Report highlighted BNL shift was completed in May 2011 w/ shift of high demand 179, 179A & 199 into new int.
SBS says it's smaller, LTA says it's enough. So who's correct?
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It may seem enough, but it brings about constraints in operations that result in tradeoffs in other areas.
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LTA know nuts about operations especially if the boss ( or bosses since there's a million depts in LTA I cant quite point which dept handles this) isnt able to fight for space with URA..
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It only seems enough once the two bendy slots are given up for more parking lots for more buses. But then it is still not enough to meet the traffic demand, especially the vertical parking lots beside Jurong Point. There is always not enough lots and some BCs have to wait for around 10 mins before they can park and disembark the passengers.
So LTA is wrong.
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MBT: I cared for the bus driver.
ought to let Tampines GRC fall into NSP's hands
, enuff said.Property price cannot control (higher property prices is only good for PAP - higher property tax reciept). Cannot give bus driver enough tme to rest.
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sbst275 is a shareholder?
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Originally posted by 105090:
sbst275 is a shareholder?
their AR is available onlineThe front page is WEG2
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12 more NEL trains to be procured by zheng hu.
So the upnorth public tpt commission officials ever visited SBST.
The fuel cell bus & hybird bus are mentioned.
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iPhone apps for iris planned in 2011
HBF & Little India got additional fare gates.
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Originally posted by vicamour:
It only seems enough once the two bendy slots are given up for more parking lots for more buses. But then it is still not enough to meet the traffic demand, especially the vertical parking lots beside Jurong Point. There is always not enough lots and some BCs have to wait for around 10 mins before they can park and disembark the passengers.
So LTA is wrong.
if there is no parking space, the BC will disembark the passengers first at another berth, reverse out, then wait for their allocated berth. -
Originally posted by Darkness_hacker99:
if there is no parking space, the BC will disembark the passengers first at another berth, reverse out, then wait for their allocated berth.
However there are times that berths in some sections are completely full. BCs have to wait for a bus, in their service berth or not, to reverse out, before it can disembark its passengers. -
highlight for 2011 itenary irs iPhone aps is out riao.
left procurement of newer buses
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Originally posted by 105090:
sbst275 is a shareholder?
sbst275 —>
Are you a shareholder of SBS Transit Limited as well?
Any plans to offload for your portfolio? -
Originally posted by Fryderyk HPH:
sbst275 —>
Are you a shareholder of SBS Transit Limited as well?
Any plans to offload for your portfolio?
if I'm really a shareholder, I bet it's not even for me to go around commenting abt ops
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Originally posted by sbst275:
I like the statement: The experience in handling the smaller BNL Int served to help in the shifting of the 2 new and smaller bus interchange come 2011.
Report highlighted BNL shift was completed in May 2011 w/ shift of high demand 179, 179A & 199 into new int.
SBS says it's smaller, LTA says it's enough. So who's correct?
It has already been proven at least a Graham's number of times before that L.T.A. has infinite negative knowledge on how to run even a barebones transport system, let alone one that functions; in this case, it's quite obvious who's correct, especially if you go down to Boon Lay Interchange and see for yourself.
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According to the audited results of SBST's Full Year Financial Statements and Dividend Announcement for the Year Ended 31 December 2010 posted on SGX...
It seems that its Non-Current Assets stated under the column of “Vehicles, Premises and Equipment” has increased to $535,832,000 in the year ended 2010 from $491,704,000 the year before (FY2009). Non-Current Assets symbolize assets held for use for more than 12 months. This indicates that within the last 12 months, the sum total of $44,128,000 worth of Non-Current Assets – “Vehicles, premises and equipment”, were converted into Current Assets which were assets sold, disposed, or converted into cash within that period. I presume this must be directly related to the write-off of significant quantities of buses during that period.
Another interesting observation here is that under the Current assets list, “Short-term deposits and bank balances” ballooned a good $61 Million, from $6 Million in FY2009 to $67 Million. This is not related to the disposal of vehicles, as that $44 Million should be listed under the “Inventories”, “Trade receivables” and “Other receivables and prepayments” columns. Does anyone know if SBS Transit Limited has cashed in on any short-term (under 1 year) assets over FY2010?
With the exclusion of $100 Million debt the company undertook in FY2010, Total Non-Current Liabilities sank $1 Million, while Current Liabilities were reduced from $218,084,000 in FY2009 to $202,176,000 in FY2010, despite the company incurring an almost $20 Million liability in Fuel Price Equalisation Accounts.
Payable income taxes reduced from $2.6 Million to just over $0.3 Million. But why is this so when on the whole, staff costs increased to $293 Million from $289 Million the year ago? Shouldn’t it just have been a marginal increase at best?
Depreciation expenses increased $7 Million… Hmmm, on the whole, SBS Transit ended flat, albeit slightly slower due to higher operating expenses. Profit attributable to shareholders was $54,278,000.
Doing some basic calculations, I determined that the Current Ratio [Current Assets / Current Liabilities] for FY2010 to be 0.745(3s.f), higher than 0.355 in FY2009. The Acid Test Ratio [(Current Assets – Inventories – Prepayments) / Current Liabilities] which I have determined as per the report stands at 0.378 (3s.f), higher than 0.067 in FY2009.
ROE (Net profit after tax or NPAT / Average ordinary shareholders’ equity) in FY2010 stood at 58.3%, which is quite high! Though FY2009’s ROE is higher with a higher NPAT and lower Average ordinary shareholders’ equity value, these numbers are kinda comforting… Or are my calculations wrong? sbst275, can you confirm these numbers?
Still calculating the Gearing Ratios, Earnings per share (EPS), Net Asset per Share (NAV), and Price Earnings Ratio (P/E Ratio)…
*No one is to quote this post. If in doubt about the data, just post a reply on this thread.
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SBS & even LTA's land tpt gallery had guest like Datuk Syed Hamid Albar last yr visiting.
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The ironic thing is MBT was the one tat created mega bus interchange when he was seconded to SBS being a MINDEF staff.
Now he's e same person advocating smaller bus interchnage. He wants us to go back to e old days.
Oops, roadside bus terminal = traffic jam.
Oh nose, e ERP joke of gantry os our car park is going to appear
So vote wisely over at Tampines
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if i have money to invest, i will never buy into transport companies, esp singapore-centric ones! not even 1 lot
firstly, routes n fares are government controlled..
company is a "private" entity... so obviously theres serious conflicts of interests
we are seeing that more revenue is coming from non fares sources like rental and advertising income
also, buses will have to be bought, lifespan only 17 years. replacement of buses will be frequent, and capital expenditure is not cheap, hence, high depreciation
operating costs wise, we say, diesel costs alone. even SIA is hurting. capital intensive
only consolation is, the ridership/ revenue will always stay constant or increase slowly
better known as a sunset industry
but then, our 2 operators are also GLCs, obviously they are majority and indirectly controlling shareholders.. their counters already quite illiquid -
Originally posted by 105090:
if i have money to invest, i will never buy into transport companies, esp singapore-centric ones! not even 1 lot
firstly, routes n fares are government controlled..
company is a "private" entity... so obviously theres serious conflicts of interests
we are seeing that more revenue is coming from non fares sources like rental and advertising income
also, buses will have to be bought, lifespan only 17 years. replacement of buses will be frequent, and capital expenditure is not cheap, hence, high depreciation
operating costs wise, we say, diesel costs alone. even SIA is hurting. capital intensive
only consolation is, the ridership/ revenue will always stay constant or increase slowly
better known as a sunset industry
but then, our 2 operators are also GLCs, obviously they are majority and indirectly controlling shareholders.. their counters already quite illiquid
transport industry the only company i will buy is SIA.. the rest can fly kite la.. -
Originally posted by 105090:
if i have money to invest, i will never buy into transport companies, esp singapore-centric ones! not even 1 lot
firstly, routes n fares are government controlled..
company is a "private" entity... so obviously theres serious conflicts of interests
we are seeing that more revenue is coming from non fares sources like rental and advertising income
also, buses will have to be bought, lifespan only 17 years. replacement of buses will be frequent, and capital expenditure is not cheap, hence, high depreciation
operating costs wise, we say, diesel costs alone. even SIA is hurting. capital intensive
only consolation is, the ridership/ revenue will always stay constant or increase slowly
better known as a sunset industry
but then, our 2 operators are also GLCs, obviously they are majority and indirectly controlling shareholders.. their counters already quite illiquidActually those who used CPF $ to purchase SBS'78 shares when it was listed big earn le.
The SBS'78 share split, they got free Delgro shares later on.
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Originally posted by sbst275:
The ironic thing is MBT was the one tat created mega bus interchange when he was seconded to SBS being a MINDEF staff.
Now he's e same person advocating smaller bus interchnage. He wants us to go back to e old days.
Oops, roadside bus terminal = traffic jam.
Oh nose, e ERP joke of gantry os our car park is going to appear
So vote wisely over at Tampines
He won't get voted out.
He has simply too much support here at Tampines. -
Originally posted by 105090:
if i have money to invest, i will never buy into transport companies, esp singapore-centric ones! not even 1 lot
firstly, routes n fares are government controlled..
company is a "private" entity... so obviously theres serious conflicts of interests
we are seeing that more revenue is coming from non fares sources like rental and advertising income
also, buses will have to be bought, lifespan only 17 years. replacement of buses will be frequent, and capital expenditure is not cheap, hence, high depreciation
operating costs wise, we say, diesel costs alone. even SIA is hurting. capital intensive
only consolation is, the ridership/ revenue will always stay constant or increase slowly
better known as a sunset industry
but then, our 2 operators are also GLCs, obviously they are majority and indirectly controlling shareholders.. their counters already quite illiquidOn a personal note, I would buy maintain a "hold" position on all transportation-related companies in that industry. SIA Limited/SIA 200 would not be a good buy now either. It is not capital-intensive. Rather it is because it is surviving by carrying out commercial operations with fuel, there is no way it cannot be unaffected by this increase in fuel prices.
Reason being, with oil rocketing past US$100/barrel and prices of commodities rising due inflation, it offsets any potential growth in the industry. Land transport is protected partially by the ability to skim unprofitable services (if there are any left actually) to curb rising operating costs. The other means is to hedge oil prices.
SQ does this to a certain (and successful) extent. I think according to the FY report I saw that somewhere too, but I don't know whether that is significant to impact ops.
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As always, to prevent my balls being screwed (and sued) off...Disclaimer
The writer (herein referred to as "Fryderyk HPH") has prepared the information contained herein. By reading this statement of financial observation, you agree to the following terms and conditions (herein referred to as the “Agreement”):
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ironically MBT was e kilat man tat came e idea of bus int in Singapore
today being minster undo e idea of a proper bus int