ComfortDelGro - Phillip Securities 2024-03-03: More Growth Ahead

ComfortDelGro - More Growth Ahead

Published:
ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • ComfortDelGro (SGX:C52)'s FY23 earnings beat expectations at 117% of our forecast. Revenue was within our estimates at 98%. 4Q23 PATMI jumped 77% y-o-y to S$49.3mil.
  • The turnaround in UK bus operations and growth in Singapore and China taxi operations were the major drivers of earnings.
  • - Read this at SGinvestors.io -
  • UK bus indexation and re-contracting;
  • Increased taxi fleet size in China;
  • Margin recovery for Singapore rail operations as operating cost stabilises, rail passenger numbers grow and lagged re-pricing of fares.
  • Maintain BUY rating for ComfortDelGro with a higher target price of S$1.63 (previously S$1.57)

The Positive

Jump in China taxi earnings.

  • - Read this at SGinvestors.io -

The Negative

Meagre rail earnings.

  • Read more at SGinvestors.io.




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




Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-03-03



Read also Phillip's most recent report:
2024-08-18 ComfortDelGro - Finally, UK Is A Source Of Growth.

Previous report by Phillip:
2024-05-15 ComfortDelGro - Zig Platform Led The Recovery.

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 Dividends & Corporate Actions,
ComfortDelGro News Articles





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