[Limit Down Analysis] SMRT 19 Jan 2026
SMRT Limit Down 19 Jan 2026 Potential Risks - Fundamental View Customer Concentration: The company heavily relies on a single customer, TNB, which accounted for approximately 72% of its FY24 revenue. Higher Taxes: The expiry of its "pioneer tax status" in November 2025 will cause its tax rate to jump from less than 1% to 24%. Earnings Decline: Due to the higher tax rate, core net profits are expected to drop between 4% and 11% annually in FY26–27. Project Delays: Rollouts in Indonesia have faced delays due to elections and leadership changes at state-owned enterprises. Payment Delays: The company experienced a spike in "receivable days" (payment wait times) due to a major customer upgrading its internal systems. Think Twice How is SMRT managing to maintain a 40% margin when TNB is their only major client? Usually, having a single customer means lower margins because you have no leverage. This reminds me of the recent PTRANS crash—it makes me wonder if SMRT is also a...







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