SMRT

Back on the Rails: Upgrade to Hold, Target S$1.88

 Higher sustainable rail ridership — Raising estimates 13-15% for SMRT, on higher rail ridership growth, plus upside to high-margin advertising and rental income for FY09E operating margins of 13% and ROE of 23%. Government initiatives (increasing public transport usage, doubling of rail network, population increase) supports long-term growth. Risks: near-term high energy costs, and longer term whether the government introduces more competition in the rail space.

 Target price S$1.88 — We have afforded SMRT a higher fair-value PER multiple of 17.8x (from 16x), equivalent to a P/BV of 4x, recognizing the rail story's structural growth drivers, stable and highly cash generative business, with recent dividend payouts of 78% of earnings (for a 5% dividend yield), plus the potential long-term growth upside for rail.

 Circle Line — Unlike previous new lines, we are optimistic that full operation from 2010 of the Circle Line can be earnings accretive almost from the start due to higher ridership demand and scale benefits from the MRT network.

 Long-term rail growth, but sector to be contestable — Land transport master plan prepares for population growth, encourages public transport usage, a doubling of the rail network. New lines Thomson and Eastern Region will be built, while existing North-South and East-West will be extended. The new lines could be opened to more competition.

Expected share price return 2.7%
Expected dividend yield 4.5%
Expected total return 7.3%
Market Cap S$2,773M

Stronger rail ridership trend: +13 to +15% EPS revisions
Target raised 27%: We upgrade SMRT to a Hold, with a new target of S$1.88 (from S$1.48). We raise earnings 13%-15% to reflect: [a] rail revenues raised c.6.5% to reflect a stronger growth trend in rail ridership, [b] c.15% higher revenues from advertising and rental business. We have raised ROE forecast to 23% on an improved operating margin assumption of 23% (from 21%). We no longer use a market multiple to set our target price for SMRT because we expect high-trend sustainable rail ridership growth to drive higher ROEs.

Higher target PE: We accord SMRT a higher PE of 17.8x, equivalent to a P/B of 4x, recognizing the rail story's structural growth drivers, namely estimated 2.5% pa population growth, govt. initiatives to increase use of public transport, and plans to more than double the length of the rail network by 2020. SMRT remains a highly cash generative business; it earns more than enough cashflow to meet annual capex needs and maintain near zero net balance sheet gearing, yet having paid out c.78% of its annual profits over the last few years.

Risks: Key risk to this outlook is rising cost pressures from [1] higher depreciation as SMRT embarks on bus acquisition and train upgrades, [2] rising diesel and electricity costs. The latter may threaten the current barely breakeven status of SMRT's bus, taxi and LRT franchises.

Circle Line: We view the Circle line (CCL), for which one stage should be ready in mid-CY09 (stepping up to full service over CY10), may be marginally profitable from the start given that it reaches a new pool of passengers in relatively highly populated areas, who currently may depend on bus, taxi or private car, and it will benefit from scale economies of the existing MRT lines.

Rail — MRT ridership moving to a higher growth trend
Rail remains SMRT's primary business driver, at 56% of group revenue in FY08 (to March 2008) and (with near 30% operating margins) 72% of operating profit. The key strength of SMRT's FY08 result was the better than trend MRT ridership growth of +7.6%yoy. This represents a step-up in trend growth from FY07 of +5.1% and just +2.8% for FY06 and FY05.

March 2008 quarter spurt: Quarterly data may point to the +11.2%yoy growth in the Mar 2008 qtr as an unusual growth spurt. Some of this was arguably due to "one-off" factors, notably Dec 2007's sharp hike in taxi fares, which not unexpectedly hurt taxi usage in the following months and led to switching to public transport. Although taxi usage has recovered we suspect that marginal users have permanently switched to public transport. The rising cost of petrol and further govt. moves to raise traffic congestion taxes (adding more ERP gantries and raising ERP rates) help to further explain why in Apr-May 2008 ridership continues to remain well above past trend growth rates.
Cyclical improvement in ridership: Beyond the most recent quarter, we would argue that there has been a cyclical uptrend in rail and other public transport usage. We can show this by looking at recent labour force growth trends.
Labour statistics over the past 2 years showed record numbers of job creation, most recently in 2007 with 235,000 new jobs (2006: 176,000, 2005: 113,000).
While a significant proportion of the labour force addition has been foreign workers, these are anecdotally at much lower income brackets than high salaried "expats" and hence are more likely to use rail and buses as their main mode of transport. Preliminary data for the Mar 2008 quarter was also another record quarter, adding 68,400 new jobs.

Drive to improve public transport usage; long-term population growth:
Looking forward, the government has set goals of increasing the share of public transport usage in peak hours and discouraging private car usage through further road congestion taxes (raising ERP rates, installing more ERP gantries and reducing the number of car park spaces in the central areas), as well as improving the efficiency and quality of service of the public transport system.
The govt. is also preparing for a presumed strong trend in population growth, as it plans to more than double the length of the rail network by 2020. We cover this in more detail in the Land Transport review section of this note.
Operational leverage: perhaps the most powerful part of this growth story has been the significant operating leverage that the rail business has enjoyed. In FY08, overall group rail revenues of S$445m represented a 5-yr CAGR of +2.6% over FY03. Rail operating profit by contrast surged fromS$46m in FY03 to S$129m in FY08, a 5-yr CAGR of 23%. One of the key reasons was that the rail system capacity had been underutilized, and the MRT was able to meet this ridership growth with minimal additional operating cost or capital expenditure.
As such rail operating margins rose from 11.7% in FY03 to 28.9% in FY08.
Even in the Mar 2008 quarter, SMRT continued to meet increased readership demand by increasing services frequency from the existing fleet of 106 trains that has remained unchanged for the past several years. In February 2008 an additional 87 weekly services were added to the morning peak period at a minimal additional annual cost of S$1m. In May 2008 a further 700 weekly train trips were added (at an approximate annual cost of S$5m) to capture higher demand during lunchtimes, weekends and off-peak periods. These incremental services within the existing capacity will further enhance operating margins. SMRT has a broad rule of thumb, that where the number of passenger per train trip rises above a range of 1,000-1,200 on a sustained basis then it will add further a further train trip. Mgmt. estimate that the MRT is probably running near full capacity in the morning peak period (approx. 7.30am – 8.45am), where the gap between train trips is just 2.5 minutes, but for other periods, including the evening peak (approx. 6pm-8pm), the gap between trips still remains above 2.5 minutes. Lunch waiting time post the new services has fallen to 3.5 minutes, while non-peak hours still average near 7minutes.

Projecting ridership and earnings for the Circle Line
When the Circle Line commences full operations during CY10, it will mark a significant increase in the length of SMRT's overall rail network. The current MRT network, comprising the North-South (in red) and East-West (green) lines, covers a combined route length of 89.4km and 51 stations, with a fleet of 106 six-car trains. The 33.3km, 29 station Circle Line is an orbital line linking existing MRT stations, which should help to alleviate some of the present peak time commuter crunch that occurs at the city centre MRT stations (Raffles Place and City Hall). A short extension of the East-West line from Boon Lay will also become operational during CY09.

Predicting ridership trends: This is largely guesswork at this stage but we are quite positive, based on the following observations:
 Switching from other transport modes: While there may be some cannibalization of ridership from existing lines, we believe the net impact will be a ridership increase since the Circle Line is tapping new geographies that previously relied on bus, taxi or private car at the point of departure.

 More central geography:
The experience of the North East line start-up in June 2003 operated by Comfort Delgro showed an immediate ridership population of about 190,000/day, with a sharp 10-15% annual increase thereafter. Arguably Circle Line could start at a higher ridership level than the NEL given the more central area it serves, plus Singapore has a larger population and the economy is in better shape than the conditions of 2003.

 Lower breakeven:
Despite strong ridership pick-up, the NEL only broke even operating profit wise in 2006 once ridership averaged 260,000/day (May 2008 ridership is now at 340,000/day). We argue that due to scale and network benefits, CCL could actually reach breakeven at lower ridership levels, suggesting that even in the first full year of operation, the CCL could actually prove to be marginally profitable.

 Ridership potential: A "mature" network such as the MRT had a FY2008 average daily ridership of 1.283m/day over its 89.4km network, or about 14,350 per km. On that simple math, a mature ridership for the 33.3km Circle Line in FY2008 terms could have been 478,000/day Earnings contribution: Based on current plans the so called "Stage 3" of the Circe Line (this segment connects with Bishan station on the North-South Line and comprises 5 stations on an approximate 6km stretch of line) should commence operations in mid-2009. Thereafter we expect stages 1,2,4 and 5 of the CCL to be launched through 2010. Assuming full service is achieved by Sept 2010 SMRT's FY2011 (to March 2011) financial year will have approximately half a year of full CCL operations and FY2012 the first fully financial year of service. In its first few years of operation the NEL made losses of S$33m, S$17m and S$6m, before breaking even in 2006. Conservatively, we have assumed annualized average daily ridership for the CCL to start at 200,000 in FY011, and we have assumed zero profit contribution (nor have we assumed any losses) for now.
LRT, bus and taxis likely to be barely breakeven businesses SMRT's other transport operations, the Bukit Panjang LRT, bus and taxis, simply lack the business scale of the main MRT rail network, and (for bus and LRT) serve mainly less well-populated areas of Singapore. As such these have at best remained marginal contributors to overall operating profit (or even small loss-makers), and we expect much of the same for our forecast period.

LRT: In FY08 operating losses had fallen for LRT to less than S$0.4m. Though less dramatic than for the MRT, average daily ridership for the Bukit Panjang LRT network grew 5.4%yoy to 41,400 in FY08, and +7.2%yoy for the Mar2008 quarter. Annual revenues rose 6.6%yoy to S$8.6m, having the operating loss to S$0.4m (FY07 S$1m loss). Mgt guidance suggests a ridership level of about 50,000 would take the operation to breakeven, which still appears to be a couple of years away.

Bus: The fall in FY08 bus profits S$1.5m (FY07: S$5.6m) was disappointing but not unexpected. SMRT's fleet of 800 buses saw average daily ridership of 757,700 in FY08, +2.3%yoy. Although this translated to revenue growth of +2.9%yoy to S$195.9m, the sharp drop in operating profit to S$1.5m from S$5.6m was largely due to the sharp increase in diesel fuel costs, particularly in the last six months. Careful mgmt of costs will be necessary to prevent the bus franchise falling into losses near term (4QFY08 bus operating profit was just S$164,000) as diesel fuel prices continued to rise since Mar 2008.

Taxi: The taxi franchise turned around from a meaningful S$5m loss in FY07 to a mall profit in FY08. Notwithstanding the impact of the Dec 2007 taxi fare hike, SMRT's fleet of 3,002 taxis enjoyed +20.4%yoy growth in taxis hired out of 2,719 (90.5% hired out rate) and a 10.8% rise in revenue to S$75.4m, translating into a small operating profit of S$0.6m. SMRT's taxi model is a rentals model (daily rentals range from S$65/day for a Nissan and S$78/day for a Toyota taxi to up to S$120/day for a Mercedes taxi). While SMRT provides diesel to it taxi drivers at cost (which is below retail price plus it buys in bulk) it does not provide a direct fuel subsidy.

Further revenue opportunities from advertising and rental
Despite being less than 8% of group revenues, advertising and retail space rental contributed a significant 25% to group operating profit in FY08, due to rich operating margins of 66% and 74% respectively. These businesses saw robust growth in FY2008, largely due to renovation and a more active usage of MRT hall space and trains, and mgmt are seeking further growth in FY09, given increased lettable space (post station refurbishments), and seeking new advertising space and media (such as the recently launched "Tunnel TV".

Advertising:
Revenues reached S$19.8m (+16.7%yoy) in FY08 (although Mar 2008 quarter revenues fell 3%yoy) from increased advertising on all modes of transport. Operating profit of S$13.1m was up 19%yoy.

Retail rental:
FY08 revenues grew 21.8%yoy to S$42m and operating profit +22.7%yoy to S$30.9m in line with a 20.3%yoy increase in total lettable space to 27,862 sq.m. This growth was due to the refurbishment of 26 MRT stations since FY05, with 4 more completed in the Mar 2008 quarter. Mgmt is guiding that rental revenue could increase by more than S$10m in FY09, but we have continued to conservatively assume a lower growth rate.

Engineering and other operations:
This segment made an operating profit of S$1.3m (down 65%yoy) on revenues of S$23.5m (+13%yoy). The sharp fall was likely due to diesel sales, which made an operating loss due to rising diesel prices. There were also higher project expenses, as SMRT embarked on its first overseas project, an operating and maintenance project to run the Palm Jumeirah Monorail project in Dubai. This will be a "cost-plus" contract fro
SMRT (so no participation in revenue upside) which is still in the consultancy phase. The monorail is expected to be fully operational from 1 April 2009, carrying up to 2,400 passengers per hour in four separate driverless trains of 3 cars per train.

Managing costs will be a key concern
We see 3 areas of cost growth that could hurt operating margins and overall business performance.

Electricity:
Electricity accounted for 47% of total energy-related cost in FY08.
SMRT signed a new 6-month contact for the Apr-Sep 2008 period at a 15% increase in rates with Senoko power. Electricity cost is expected to rise given record oil prices and we will have to monitor what further price increases will occur in the second half of the financial year.

Diesel:
Diesel prices mainly directly affect SMRT's bus division profits, as for taxis SMRT buys and sells on the diesel to its drivers at cost. Bus was barely break-even in the March quarter (S$0.164m) and since then average diesel prices have risen further.

Depreciation and capex:
SMRT has for several years maintained annual capex of just over S$100m in effect being maintenance capex. This has begun to move up recently, as it began from FY07 the mid-life upgrade of 66 of its 106 MRT trains (most of which date back to 1987), giving in effect a complete refurbishment of the train aside the engine and bogeys. This work will cost a total of S$143m and should be completed by end CY2008.
SMRT is also adding its fleet of 861 buses through the purchase of 67 new buses, with an estimated capex of S$20-30m. This will go towards meeting new Quality of service (QoS) standard introduced last year. The new buses, which include wheelchair facilities, will be delivered by 1QFY2009. about 179 of the existing bus fleet have undergone a mid-life upgrade, wit a plan to have upgraded 85% of the total fleet over the next 8 years.

Staff:
Staff costs have been growing at an underlying rate of 3%-4% annually.
SMRT's main headcount increase will be in the region of 100 in preparation of the Circle Line stage 3 opening.

Land Transport review — positives and negatives
Key positive— sustained higher rail ridership growth
Population growth: The higher trend rail ridership, one of the main reasons for our earnings upgrade of SMRT, we believe is here to stay for the long term. The key underpinning of this is growth in the Singapore population, which we estimate could grow over 25% from the present 4.6m to about 5.8m in approximately 13 years (+1.8%CAGR). While no specific population targets have been officially announced by the government, we infer this figure from the forecast 327,200 island wide residential units to be added in the next 10-15 years under the URA 2008 Master Plan. At an average of 3.7 persons per household (per the year 2000 Census) this translates into a population addition of just over 1.2m. Extending this argument further, this could see the Singapore labour force growing from 2.75m to over 3.42m (assuming a participation rate of 59%).

Increasing use of public transport: An explicit goal of the review is to increase
use of public transport during peak hours. In 2007 the share of public transport usage during was 63%, and it is targeted that this is increased to 70% by 2020. Simple math dictates that on this basis, public transport ridership could grow at a faster pace than the total population/labour force figure of about 2.5% per annum. This growth is of course also supported by the planned increase in the rail network, beyond the opening of the Circle Line.

Doubling the length of the rail network:
It is possible that these estimates will prove too conservative. The government will expand the rail network by building 2 new rail lines - the Thomson Line and Eastern Region Line. The Thomson line will travel from MarinA bay northwards to Ang Mo Kio and onward to Woodlands via Sin Ming, Kebun Baru, Thomson and Kim Seng.
From Marina Bay, the Thomson line will connect with another new MRT line, the Eastern Region Line. (ER). The ER line will serve Tanjong Rhu, Marine Parade, Siglap, Bedok South and Upper East Coast, and connect to Changi in the east. These 2 new lines will expand the network by 48km.
In addition the government aims to extend the North-South and East-West Lines, The North-South Line will extend beyond Marina Bay station with a 1-km extension to serve the Marina Bay area and the new cruise terminal in Marina South. The East-West Line will be extended by another 14km into Tuas.
The new lines and extensions will double Singapore’s rail network from 138km to 278km by 2020. The rail network will be able to carry 3 times as many journeys, rising from today’s 1.4 million a day to 4.6 million in 2020.

Key concern—network contestability
Affects both bus and rail: While these long term estimates look wholly positive for the rail industry, there's a potential concern for SMRT itself. As part of the overall review of the public transport system, the Transport Minister announced that the government intends to introduce contestability in both the bus and the rail sector. The reasoning behind the introduction of contestability appears to be premised on the idea that the threat of competition must be real to the current incumbents. For rail, one step is to have shorter operating licenses of 10 to 15 years instead of the existing 30-year licence periods.
No details were mentioned but the LTA will likely consult the operators on their plan for introducing contestability. The introduction of contestability into the bus and rail industries announced is a sea change in transport policy. It is difficult to assess the financial impact to the operators without further details.
However it can no longer be assumed that SMRT will automatically secure future MRT concessions (although we believe that existing concessions should continue to be honoured). Similarly Comfort’s dominance of the bus industry (where service route contracts are in effect renewal on a annul basis) in Singapore will likely be eroded.

Quants view: Glamor
SMRT Corp lies in the glamour quadrant of our value-momentum map with weak relative valuation and strong momentum scores. With a strong composite momentum backed by positive earnings revisions and long-term price momentum, the stock has moved back to and is now comfortably placed in the glamour quadrant.
On the momentum front, SMRT ranks higher than its peers both in the Singapore market and the Transportation sector. However, on the valuation front, the stock lags behind its peers in the Singapore market as well as in the Transportation sector.
From a systematic macro exposure analysis, SMRT being a low beta stock would hold its own in falling markets.

MRT:
SMRT's first licence to operate the MRT System was granted by Singapore’s Land Transport Authority (LTA) in August 1987 for a period of 10 years and was later extended to 31 March 1998. The current licence to operate the MRT System for a further period of 30 years came into force on 1 April 1998. The licence fee payable is 1.0% of the gross annual fare revenue.
SMRT Trains currently operates the North South and East West lines covering a combined route length of 89.4 kilometres serving 51 stations. Fleet of 106 trains, each of which comprises six cars. Present ridership c.1.28m/day

LRT:
SMRT was been granted a LOA by LTA to operate the LRT System commencing 6 November 1999 till 31 March 2028. LTA currently owns all the operating assets and infrastructure required to operate the LRT System. Ridership c.41,400/day Circle Line (CCL): SMRT Trains has been awarded a contract by LTA to operate the Circle Line for an initial period of 10 years from the date of its opening and to extend for an additional 30 years, subject to good performance. SMRT will operate the Circle Line when it commences revenue service in 2010 (it is also likely that one stage ("Stage 3") of the Circle Line will open as early as mid-2009). The 33.3 kilometres Circle Line is an orbital circuit that links all existing MRT lines to the city centre and is expected to significantly trim travelling times.
Boon Lay Extension: expected to be completed in 2009. Prior to the opening of Circle Line, the Boon Lay Extension, currently under construction, will extend the East West line westwards from Boon Lay station to serve the communities around Jurong West and Joo Koon Circle.

BUS
FY08 turnover S$196m (24% of total)
Operating profit S$1.5m (<1% operating margin)
Public Bus:
SMRT Buses operates a fleet of 861 buses, comprising 550 12-metre buses, and 311 18-metre Bendy buses.
SMRT operate 48 trunk services, 14 feeder services, six intratown services, one express service and seven NightRider services.
Private Bus : Bus-Plus Pte Ltd, which operates private bus and bus chartering services, manages a fleet of 59 buses. Bus-Plus runs seven condominium services, peak hour and scheduled services, and charter services for special events.
Avg. daily ridership reached 757,700/day in FY2008 (+2.3%yoy)

TAXI
FY08 turnover S$75m (9% of total)
Operating profit S$0.6m (<1% operating margin)
Number2 player: Singapore’s taxi industry has been undergoing a transformation since it was liberalised. The deregulation of taxi fares in September 1998 allowed taxi companies to set their own fares. In June 2003, limits on the number of taxi companies and their fleet sizes were lifted resulting in intense competition in the industry. SMRT Taxis has grown from a fleet of 1,889 taxis prior to liberalization to 3,002 taxis as at end March 2008.

OTHERS
Advertising and rental turnover S$62m (8% of total)
Operating profit S$45.7m (74% operating margin, 26% of total profit)
Engineering turnover S$24m (3% of total)
Operating profit S$1.3m (6% operating margin)

Advertising & rental of retail space:
Despite being less than 8% of group revenues, advertising and retail space rental contributed a significant 26% to group operating profit in FY2008, due to rich operating margins of 66% and 74% respectively. These businesses saw robust growth in FY2008, largely due to renovation and a more active usage of MRT hall space and trains, and mgmt are guiding for further good growth in these operations in FY2009.

Company description
A 54.5%-owned subsidiary of Temasek Holdings, SMRT Corporation listed on the Singapore Exchange on 26 July 2000. SMRT is a multi-modal transport service provider operating a mass rapid train system along a network of 97.2km of rail in Singapore, a scheduled bus service in the North Western part of Singapore and a fleet of 3,000 taxis. The group has been awarded the new Circle Line, which is expected to be operational in 2010. Bus and train fares are regulated by the Public Transport Council. To raise non-fare revenues, SMRT has been growing advertising and retail rental business in its stations.

Investment strategy
We rate SMRT Hold/Low Risk, with a target price of S$1.88, as relatively rich valuations can be justified by the recent trend of higher rail ridership growth and improving margins and ROEs. This growth should continue, although over the next two years higher staff, energy and depreciation costs could provide a slight drag as SMRT prepares to open the Circle Line by FY10. The longer-term outlook for rail ridership appears to be positive given robust underlying population growth, government initiatives to increase usage of public transport and plans to double the rail network by 2020. However, greater competition could also be introduced in the industry.

Valuation
We use an earnings-based measure, P/E, as our primary valuation measure, as the share price has historically been driven by the near-term earnings prospects of the group. Our target price of S$1.88 is based on a DDM-implied FY09E P/E of 17.8x with EPS of S$0.106, a payout ratio of 79%, DPS of S$0,083 and growth of 5%; equating to 4x P/B vs. a projected ROAE or 23%.
While admittedly a rich multiple, we think it is justified by improved growth prospects for rail and the company's commitment to a high dividend payout (recently c.78%), reflecting its strong cashflow generation and relatively stable business model. This valuation implicitly assumes that present rail concessions will be renewed at the end of their current lives.

We rate SMRT as Low Risk according to our quantitative risk-rating system, which tracks the historical 260-day volatility of shares. Upside and downside risks to our price target include: [a] Rail (and bus) ridership growth, which has reached a higher trend in recent years; [b] The extent of (government regulated) fare revisions for public buses and rail; [c] the success or otherwise of the Circle Line operations from FY10; [d] sharp rise or decline in electricity and diesel prices, which is a key component of operating costs; [e] ability to improve the profitability or otherwise of taxi, bus and LRT operations, each of which is barely breakeven or small loss makers; and [f] the execution of longterm government plans as laid out in its Land Transport review.

Closing Price
1: 28 Jun 05 *3 - 1.14
2: 26 Jul 05 *4 - 1.20
3: 9 Aug 05 *3 - NA
4: 30 Aug 05 *4 - 1.03
5: 13 Sep 05 *5 - 1.06
6: 27 Sep 05 *6 - 1.04
7: 11 Oct 05 *7 - 1.04
8: 19 Oct 05 *8 - 1.03
9: 29 Nov 05 *6 - 1.07
10: 5 Jan 06 *8 - 1.08
11: 6 Feb 06 *7 - 1.13
12: 17 Feb 06 *6 - 1.13
13: 28 Feb 06 *7 - 1.10
14: 16 Mar 06 *8 - 1.12
15: 18 Apr 06 *9 - 1.13
16: 28 Jun 06 *4 - 1.08
17: 12 Jul 06 *6 - 1.15
18: 5 Aug 06 *3 - 1.09
19: 9 Aug 06 *6 - 1.08
20: 19 Aug 06 *7 - 1.08
21: 7 Sep 06 *8 - 1.09
22: 16 Sep 06 *3 - 1.10
23: 4 Oct 06 *5 - 1.10
24: 16 Oct 06 *3 - 1.11
25: 5 Dec 06 *4 - 1.13
26: 22 Jan 07 *5 - 1.37
27: 11 May 07 *8 - 1.94
28: 6 Jun 07 *9 - 1.92
29: 7 Jul 07 *6 - 1.97
30: 3 Aug 07 *3 - 1.80
31: 2 Oct 07 *8 - 1.76
32: 6 Nov 07 *4 - 1.76
33: 7 Feb 08 *6 - NA
34: 6 Mar 08 *7 - 1.78
35: 3 Apr 08 *6 - 1.82
36: 14 May 08 *8 - 1.81
37: 3 Jun 08 *7 - 1.73