ComfortDelGro - CGS-CIMB Research 2023-08-15: Turned The Corner In 2Q23

• ComfortDelGro (SGX:C52)’s PATMI returned to y-o-y positive growth in 2Q23 at S$46m (+39% q-o-q, +17% y-o-y), above our preview expectations of S$40m. 1H23 core PATMI (flat y-o-y) formed 46%/45% of our/Bloomberg consensus’ forecasts.
• - Read this at SGinvestors.io -
• public transport segment (improved Singapore rail ridership and increased charter activities in Australia).
• ComfortDelGro adjusted its dividend policy, committing to pay out at least 70% of PATMI (50% previously) to provide more certainty to shareholders. 1H23 dividend of S$0.029 represents an 80% dividend payout ratio. See ComfortDelGro's dividend date.
• - Read this at SGinvestors.io -
• ComfortDelGro views Grab’s proposed takeover of Trans-Cab as a sign that the taxi and PHV businesses can co-exist; its focus remains on upholding quality service while diversifying driver supply to include more PHV drivers.

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/.

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