ComfortDelGro 3Q22 - CGS-CIMB Research 2022-11-14: Inflationary Pain Offsets Ridership Recovery

ComfortDelGro 3Q22 - Inflationary Pain Offsets Ridership Recovery

Published:
COMFORTDELGRO CORPORATION LTD (SGX:C52) | SGinvestors.ioCOMFORTDELGRO CORPORATION LTD (SGX:C52)
  • ComfortDelGro (SGX:C52) posted 3Q22 PATMI of S$34m (-18% q-o-q, +33% y-o-y), with stronger sequential performance in the taxi segment more than offset by weakness in the public transport segment. 9M22 core net profit came in at S$121m, below expectations at 67%/62% of our/Bloomberg consensus forecasts. See ComfortDelGro's Announcement dated 14 Nov 2022.
  • - Read this at SGinvestors.io -
  • Public transport segment core EBIT (excluding government grants) came in at S$23m (-42% q-o-q, +48% y-o-y). While we have flagged potential inflationary pain in our earlier report: ComfortDelGro - CGS-CIMB Research 2022-11-11: Read-through From SBS Transit's 3Q22 Updates, cost impact came in wider than expected.
    • Read more at SGinvestors.io.




    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 2022-11-14



    Read also CGS-CIMB's most recent report:
    2023-11-14 ComfortDelGro - Further Earnings Recovery Taking Shape In 3Q23 .

    Previous report by CGS-CIMB:
    2023-10-10 ComfortDelGro - A Smoother Ride.

    Price targets by 4 other brokers at ComfortDelGro Target Prices.

    Listing of research reports at ComfortDelGro Analyst Reports.

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





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