- ComfortDelGro (SGX:C52)’s FY22 core PATMI of S$137m (-7% y-o-y) came in below expectations at 89% and 84% of our and Bloomberg consensus forecasts respectively, mainly due to
- lower profit post accounting policy update for bus contracts in Australia and
- - Read this at SGinvestors.io -
- Weaker public transport segment led to another quarter of sequential decline for core EBIT to S$41m (-19% q-o-q) in 4Q22.
- Nevertheless, ComfortDelGro's FY22 dividends surprised on the upside (~7% yield) as ComfortDelGro announced final and special dividends that amounted to S$0.042. See ComfortDelGro's dividend dates.
- - Read this at SGinvestors.io -
- ComfortDelGro currently charges a commission fee for app bookings of 5%, compared to Gojek’s 15% and Grab’s 20%. We also expect a discontinuation of taxi rental discounts in China (FY22: S$11m) with its pivot away from a COVID-Zero strategy.
- We expect ComfortDelGro's public transport segment to see margin relief in FY23F, supported by
- Read more at SGinvestors.io.
ComfortDelGro - A Bumpy Road
COMFORTDELGRO CORPORATION LTD (SGX:C52)
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 2023-02-25
Read also CGS-CIMB's most recent report:
2024-01-24 ComfortDelGro - Awarded Stockholm Metro Tender.
Previous report by CGS-CIMB:
2024-01-11 ComfortDelGro - 4Q23 PATMI Likely To Double Y-o-y; UK Tailwinds Fuel Growth In FY24.
Price targets by 6 other brokers at ComfortDelGro Target Prices.
Listing of research reports at ComfortDelGro Analyst Reports.
Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividend Payout Dates & Corporate Actions,
ComfortDelGro News
