ComfortDelGro - DBS Research 2023-08-16: Ride Has Just Begun; Strong Sequential Improvement In Progress

• ComfortDelGro (SGX:C52)'s 1H23 revenue and PATMI (profit after tax and minority interest) came in at S$1.86bn and S$78.5m, respectively, forming 47% of our FY23 revenue/earnings estimates, in-line given our expectations for a stronger 2H23.
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Group operating margin saw sequential improvement of 1.3% points q-o-q.

• ComfortDelGro’s operating margin increased to 6.9% – from 5.6% in 1Q23 – mainly due to improved margins in the Public Transport and Taxi & Private Hire segments.
  • - Read this at SGinvestors.io -
  • Meanwhile the Taxi & Private Hire segment saw a 6.1% points q-o-q margin uplift in 2Q23 due to lower Singapore taxi rental discounts and non-capitalizable development costs incurred in 1Q23.

Geographically, Singapore, Australia and the UK businesses saw sequential q-o-q operating profit growth.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-03-17 ComfortDelGro - Double-digit Earnings Growth Momentum To Sustain Into 2025.

Previous report by DBS:
2024-09-12 ComfortDelGro - Underappreciated International Expansion.

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 Dividend Payout Dates & Corporate Actions,
ComfortDelGro News