ComfortDelGro - UOB Kay Hian 2023-05-16: 1Q23 Flat Results In Line; No Upcoming Catalysts

ComfortDelGro - 1Q23 Flat Results In Line; No Upcoming Catalysts

ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • ComfortDelGro reported lower y-o-y core PATMI for 1Q23, dragged by lower margins and overall inflationary cost push.
  • The public transport segment faced lower margins from both its Singapore and Australia bus packages, offset by higher rail ridership and increased fares. Driven by the taxi commission system, the taxi segment posted higher y-o-y profit growth but suffered from lower q-o-q job bookings.
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Flat 1Q23 results in line with our expectations.

  • ComfortDelGro (SGX:C52) reported 1Q23 revenue and headline PATMI of S$906.4m (+2.1% y-o-y) and S$32.8 (-56.9% y-o-y), making up 22.3% and 22.8% of our full-year estimates respectively.
  • - Read this at -
  • Core operating profit fell by 25.6% y-o-y, dragged by lower margin contributions from both the five re-contracted bus packages and newly-renewed Australia bus contracts. Also, higher operating expense (- 4.9% y-o-y) from general inflationary cost pressure and driver shortages led to lower core operating margin of 5.5ppt (-2.1ppt y-o-y).

Improved q-o-q performance.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Llelleythan Tan UOB Kay Hian Research | 2023-05-16

Read also UOB's most recent report:
2024-05-15 ComfortDelGro - 1Q24 Earnings Below Expectations; Downgrade To HOLD.

Previous report by UOB:
2024-04-23 ComfortDelGro - Backed By Favourable Tailwinds.

Price targets by 5 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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