The outlook is mainly positive. Recent consolidation of the private-hire car industry has resulted in pricing rationalisation, in turn resulting in some flow of drivers back to Taxi. The purchase of 200 new taxis signals the worst could be over, which we discussed in our recent Land Transport sector report (May 9). For the Public Transport Services segment, the narrowing of DTL losses to continue and contribution from the Seletar bus package will contribute positively in 2018. Recent acquisitions announced are expected be completed by 2Q18 and contribute positively from 3Q18. Negative impact from the transition of North East Line (NEL) and Sengkang LRT and Punggol LRT (SPLRT) to the new rail financing framework (NRFF) since April 1, is margin will being capped at ~5% from previous estimated mid- to high- teens.