SMRT - Is public transport a defensive play?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/27/10 AmFraser SMRT 1.86 2.03 Buy
01/28/10 AmFraser SMRT 1.89 2.19 Buy
04/08/10 AmFraser SMRT 2.13 2.19 Hold
04/21/10 AmFraser SMRT 2.19 2.19 Hold
05/03/10 AmFraser SMRT 2.16 1.99 Hold

01/28/10 CIMB SMRT 1.89 2.26 Outperform DCF
04/21/10 CIMB SMRT 2.19 2.41 Outperform DCF
05/03/10 CIMB SMRT 2.28 2.35 Neutral DCF

04/30/10 Citigroup SMRT 2.15 1.9 Sell PER16.4x, PB3.5x

01/05/10 DBS Vickers SMRT 1.91 2.08 Buy
01/28/10 DBS Vickers SMRT 1.89 2.08 Buy DCF, PER15x
02/23/10 DBS Vickers SMRT 1.94 2.08 Buy
05/03/10 DBS Vickers SMRT 2.28 2 Fully Valued DCF, PER15x

01/28/10 DMG & Partners SMRT 1.89 2 Buy DCF, PER16.5x
04/05/10 DMG & Partners SMRT 2.05 2 Buy DCF
04/30/10 DMG & Partners SMRT 2.28 2 Neutral
05/03/10 DMG & Partners SMRT 2.28 2 Neutral PER21x

03/16/10 Kim Eng SMRT 1.99 0 Buy
04/13/10 Kim Eng SMRT 2.13 2.22 Buy PER20x
04/21/10 Kim Eng SMRT 2.19 2.47 Buy

01/28/10 Lim & Tan SMRT 1.89 0 Buy
04/21/10 Lim & Tan SMRT 2.19 0 Buy

03/08/10 OCBC SMRT 1.96 2.05 Buy DDM
04/07/10 OCBC SMRT 2.09 2.22 Buy DDM, PER19x

03/18/10 phillip SMRT 2.01 2.19 Buy
04/28/10 phillip SMRT 2.24 2.42 Hold DCF
05/03/10 phillip SMRT 2.28 2.36 Hold
05/03/10 phillip SMRT 2.28 2.36 Hold DCF