ComfortDelGro - DBS Research 2023-02-27: Zig To Your Office

ComfortDelGro - Zig To Your Office

  • See ComfortDelGro's announcement dated 24 Feb 2023 – FY22 posted strong recovery, but were below expectations due to backpay deal and higher electricity costs.
  • ComfortDelGro (SGX:C52)'s FY22 revenue and net profit up 7.9% and 40.7% y-o-y to S$3.78bn and S$173.1m, respectively. Growth was driven mainly by Public Transport and Taxi on the back of post-COVID re-opening, negated by lower government reliefs.
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ComfortDelGro's 4Q22 operating profit improved by 22.2% y-o-y, but saw 23.4% q-o-q decline.

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  • ComfortDelGro had S$7.6m in government reliefs in 4Q21, and this has tapered to S$4.4m in 4Q22, which was from China to support the taxi business.

Overseas contribution declined by 3.8% point y-o-y, impacted by FX translation and strong rebound in Singapore.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Andy SIM CFA DBS Group Research | Singapore Research Team DBS Research | 2023-02-27

Previous report by DBS:
2022-11-15 ComfortDelGro - Slower But Ride Continues On.

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 Dividends & Corporate Actions,
ComfortDelGro News Articles

SGX Stock / REIT Search


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