- Despite reporting lower y-o-y 1H23 adjusted PATMI of S$78.5m (-7.4% y-o-y), ComfortDelGro’s 2Q23 PATMI surged by 16.6% y-o-y and 39.3% q-o-q, driven by the public transport and taxi segments.
- - Read this at SGinvestors.io -
- Maintain BUY on ComfortDelGro with a higher P/E-based target price of S$1.53 (S$1.44 previously).
Strong results as margins expand.
- ComfortDelGro (SGX:C52) reported 1H23 revenue (+1.0% y-o-y) and PATMI (-31.9% y-o-y) of S$1,862.3m and S$78.5m respectively, both forming 46% of our full-year forecasts and largely in line with expectations. Removing the S$30.5m one-off gain in 1H22, 1H23 adjusted PATMI would have only dropped by 7.4% y-o-y.
- - Read this at SGinvestors.io -
- The stronger performance was largely led by the public transport and taxi segments, backed by higher rail ridership and the reduction of daily taxi rental rebates. As inflationary cost pressures are stabilising, 2Q23 operating margins expanded by 1.3ppt q-o-q.
Positive change to dividend policy.
- Read more at SGinvestors.io.
