ComfortDelGro - Phillip Securities 2023-08-17: Recovery Building Momentum From Repricing

• ComfortDelGro (SGX:C52)'s 2Q23 results were within expectations. 1H23 revenue and PATMI were 45% and 47% of our FY23e forecast. PATMI grew 17% y-o-y to S$45mil as taxi earnings doubled.
• Public transport remains a drag on earnings from weaker foreign exchange and higher bus driver costs in the UK. We expect a strong rebound in earnings as bus contracts service fees in the UK are repriced higher from inflation indexing and more rational pricing.
• - Read this at SGinvestors.io -
• Our BUY recommendation and DCF-based target price of S$1.57 for ComfortDelGro is unchanged.
• - Read this at SGinvestors.io -

The Positives

Taxi profits doubled.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-03-01 ComfortDelGro - UK The Shining Light.

Previous report by Phillip:
2024-11-17 ComfortDelGro - Acquisition Dependent.

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