ComfortDelGro - CGS-CIMB Research 2022-02-28: Light At The End Of The Tunnel

ComfortDelGro - Light At The End Of The Tunnel

  • ComfortDelGro (SGX:C52)'s FY21 core net profit of S$153.8m (+28% y-o-y) below expectations, but underlying trend remains healthy. Key segments saw sequential earnings recovery.
  • Continued easing of COVID-related measures should drive social mobility recovery; we forecast ComfortDelGro to record 43.5% net profit growth in FY22F.
  • We see a minimal impact on ComfortDelGro’s financials from the recent surge in international crude prices. ComfortDelGro’s public bus packages have fuel indexation and other cost factors built into the compensation formula.
  • Reiterate ADD call on ComfortDelGro with target price of S$1.80.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | 2022-02-28
SGX Stock Analyst Report ADD MAINTAIN ADD 1.800 SAME 1.800

Read also CGS-CIMB's most recent report:
2022-11-14 ComfortDelGro 3Q22 - Inflationary Pain Offsets Ridership Recovery

Target prices by 4 other brokers at ComfortDelGro Target Prices.
Listing of broker reports at ComfortDelGro Analyst Report.

Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividends & Corp Actions,
ComfortDelGro News Articles


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