- 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
Previous report by Phillip:
2023-11-15 ComfortDelGro - Higher Pricing Supporting Margins.
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
