- ComfortDelGro (SGX:C52)’s 1H23 PATMI came in at S$78.5m, accounting for 49.3% of our FY23 forecasts. This was in line with our expectations, notwithstanding the fact that ComfortDelGro has historically enjoyed a stronger performance in the second half of the year.
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- On an intra-quarter basis, PATMI was up 39.3% in 2Q23 versus 1Q23.
- ComfortDelGro declared an interim dividend of S$0.029, up 1.8% y-o-y, representing a payout ratio of 80%. See ComfortDelGro's dividend date.
Improvements in public transport, and taxi and private hire segments offset by operating loss in the other private transport segment
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- Segmental operating profit was down 34.5% y-o-y at S$51.9m due to driver shortages, as well as increased wages and inflation, but operating margins have inched upwards from 2.9% in 2H22 to 3.7% in 1H23.
- Meanwhile, operating profit from the taxi and private hire segment expanded 70% y-o-y to S$42.7m in 1H23, due to the continued expansion of the private hire vehicle (PHV) fleet, the introduction of taxi trip commissions in Singapore since May 2022, and taxi rental discounts tapering off.
- The other private transport segment, however, saw an operating loss of S$0.4m as the business in Australia continued to struggle with driver shortages.
Positives on the horizon
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