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 @ https://www.itradecimb.com.sg/.
ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-28 2022-02-28
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