 1H21 results within expectations. Revenue and PATMI of S$1,742mn/S$91mn form 46%/46% of our FY21e estimates. Earnings include government relief of S$57.2mn. Largest turnaround in taxi division. EBIT improved S$89.4mn in 1H21 despite continued rental discounts. Taxi rental rebates in Singapore of 20% in 1Q21 rose to 35% in 2Q21 due to Phase 2HA. Singapore […]

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