ComfortDelGro - CGSI Research 2024-03-01: Revving Ahead

• ComfortDelGro (SGX:C52)’s FY23 PATMI came in at 99%/102% of our/Bloomberg consensus’ estimates.

4Q23: PATMI doubled y-o-y

• PATMI grew to S$52m (+4% q-o-q, +104% y-o-y) in 4Q23, in line with our preview expectations. The sequential PATMI improvement in 4Q23 was mainly driven by improved taxi segment earnings in Singapore and China, which offset UK’s seasonally weaker results (lower bus volumes in winter months).
• - Read this at SGinvestors.io -

Positive outlook for FY24F

• We forecast ComfortDelGro to record another 15% y-o-y PATMI growth in FY24F.
• - Read this at SGinvestors.io -
• We also expect a further 15% taxi segment EBIT growth in FY24F with
  1. full year impact of Zig platform fees implemented in Jul 2023,
  2. commission hike introduced in Singapore in Dec 2023, and
  3. lower rental rebates in China.

Growing international presence

• Read more at SGinvestors.io.

ONG Khang Chuen CFA CGS International Research | https://itrade.cgsi.com.sg 2024-03-01 SGinvestors.io

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