ComfortDelGro - RHB Invest 2024-03-05: Strong End To The Year, More To Follow; Reiterate BUY

• We maintain that ComfortDelGro should see strong profit growth in 2024, aided by higher Singapore rail revenue, continued improvement in its UK public transport revenue, strong Singapore taxi earnings amidst the increase in fares and commission rates, as well as the introduction of a new fee for bookings on the Zig platform, improvement in its China taxi business, and contributions from recently announced acquisitions.

Strong 2023 results.

• - Read this at SGinvestors.io -
• Excluding S$30.5m in one-off items from 2022, recurring PATMI was up 26.6%. ComfortDelGro continued to report a sequential improvement in PATMI during 2023.
• - Read this at SGinvestors.io -
• Taxi & Private Hire (TPH) 2023 recurring EBIT surged by 52.4% y-o-y amidst lower rental discounts in Singapore and China, the introduction of platform fees for Singapore taxis on 1 Jul 2023, and y-o-y higher commission rates.
• See ComfortDelGro's dividends. The 2023 dividend came in at 6.66 cents, implying a payout ratio of 80%.

Outlook for Public Transport segment

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-11-17 ComfortDelGro - UK Unit Registers Strong Growth; Stay BUY.

Previous report by RHB:
2025-10-16 ComfortDelGro - Higher Public Transport Fares In Singapore; Still BUY.

Price targets by 3 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