ComfortDelGro - UOB Kay Hian 2024-01-11: Riding Strong Into 2024

• ComfortDelGro’s taxi commission rate has been raised from 5% to 7% from 1 Jan 24, largely in line with our expectations. However, ComfortDelGro has also perpetuated its 10% taxi rental rebates from 2024 onwards which was a slight negative surprise.
• - Read this at SGinvestors.io -
• With ComfortDelGro’s decent 4.2% dividend yield, we maintain BUY with a slightly lower target price of S$1.66 (S$1.69 previously).

Change to taxi commission rates and permanent rental rebates.

• - Read this at SGinvestors.io -
• To help taxi drivers cope with higher costs, ComfortDelGro also announced that the 10% taxi rental rebate has been made permanent from the same date, while commission charges from Jan-Mar 24 for trips priced S$9 and below would be temporarily waived.

No major surprise.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-15 ComfortDelGro 1Q25 Earnings Preview - Expect Strong Year-on-year Growth.

Previous report by UOB:
2025-04-04 ComfortDelGro - New Entrant, More Competition.

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