ComfortDelGro - OCBC Investment 2023-11-15: Picking Up The Pace

ComfortDelGro - Picking Up The Pace

Published:
ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • In its latest business update, ComfortDelGro (SGX:C52) posted a 3Q23 revenue of S$996.6m, up 3.8% y-o-y and 4.3% q-o-q. 3Q23 PATMI jumped 54.5% y-o-y and 9.2% q-o-q to S$49.9m. This represents an improved PATMI margin of 5%, as compared to 3.4% in 3Q22 and 4.8% in 2Q23. See ComfortDelGro's announcement dated 14 Nov 2023.

Positive recovery momentum in 3Q23

  • - Read this at SGinvestors.io -
  • For 9M23, ComfortDelGro’s revenue of S$2.9b represents a 2% y-o-y increase. PATMI of S$128.4m grew 9.6% y-o-y, with 9M22 results normalised to exclude a one-off S$30.5m gain on the disposal of the Alperton property in London. This translates to a PATMI margin of 4.5% for the period (9M22: 4.2%).

A tale of two cities

Positive momentum for public transport segment

  • - Read this at SGinvestors.io -
  • Management shared that demand remains strong for the segment, with the Singapore taxi fleet size holding steady and even slightly growing its market share, but warned of intensifying competition ahead.

Private transport segment remained a drag

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2023-11-15



Previous report by OCBC:
2023-08-15 ComfortDelGro - Rockford Turn.

Price targets by 6 other brokers at ComfortDelGro Target Prices.

Listing of research reports at ComfortDelGro Analyst Reports.

Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividends & Corporate Actions,
ComfortDelGro News Articles





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