- ComfortDelGro (SGX:C52)'s 1Q23 revenue was within expectations but PATMI disappointed. 1Q23 revenue/PATMI was 22% and 18% of our FY23e forecast.
- The cost recovery from higher indexation of bus fees is underway in UK but the full benefit will be more evident in 2H23. Taxi earnings were hampered by incentives in China to attract taxi drivers, especially in Beijing. Balance sheet continues to strengthen with net cash of S$718mil
- - Read this at SGinvestors.io -
- We are lowering our FY23e PATMI forecast for ComfortDelGro by 8% to S$164.7mil.
The Positives
Taxi revenue improvement is still underway.
- - Read this at SGinvestors.io -
- Utilisation rate of taxis remains sluggish, especially in Beijing. Operating profit in China declined 46% to S$3.4mil.
With stable capex, cash piles up.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2023-05-17
Read also Phillip's most recent report:
2024-03-03 ComfortDelGro - More Growth Ahead.
Previous report by Phillip:
2023-11-15 ComfortDelGro - Higher Pricing Supporting Margins.
Price targets by 7 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
