- ComfortDelGro’s 1H23 profit was below our estimate. We remain optimistic about the continued increase in profit amidst an improving outlook for its UK public transport and Singapore taxi & private hire businesses. We raise 2024-2025 earnings forecast by ~4%.
- - Read this at SGinvestors.io -
- Keep BUY with higher S$1.40 target price from S$1.35, 10% upside with ~5% FY24 yield.
ComfortDelGro's 1H23 earnings
- ComfortDelGro (SGX:C52)'s 1H23 revenue of S$1.86bn (+1% y-o-y, -3.9% h-o-h) accounted for 49% of our estimate, with growth coming from both the public transport and taxi & private hire businesses. PATMI of S$46m (-32% y-o-y, +36% h-o-h) accounted for 45% of our estimate.
- - Read this at SGinvestors.io -
Revised growth strategy
- Read more at SGinvestors.io.
