ComfortDelGro - UOB Kay Hian 2024-03-04: 2023 In Line; Bright Spots In 2024

• For 2023, ComfortDelGro reported higher PATMI (+4.3% y-o-y), driven by both the public transport and taxi segments.
• Backed by higher ridership levels and ongoing cost indexation, the public transport segment reported higher revenue and margins. The taxi segment also posted better profitability from higher commission rates, lower rental rebates and the recently implemented platform fees.
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Sequential growth in 4Q23

• In line with our expectations, ComfortDelGro (SGX:C52) reported higher 2023 revenue (+2.6% y-o-y), core operating profit (+13.7% y-o-y) and PATMI (+4.3% y-o-y), accounting for 98.9%, 93.6% and 98.6% of our full-year forecasts respectively.
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• For 4Q23, ComfortDelGro delivered a robust performance as revenue (+4.5% y-o-y, +2.5% q-o-q), core operating profit (+69.3% y-o-y, +4.2% q-o-q) and PATMI (+104.3% y-o-y, +4.4% q-o-q) improved on the back of better business fundamentals. 4Q23 core operating (+2.9ppt y-o-y, +0.1ppt q-o-q) and PATMI (+2.5ppt y-o-y, +0.1ppt q-o-q) margins have also improved, from higher Singapore taxi rental rates and higher taxi utilisation rates in China upon its reopening after COVID-19.

Higher core dividend.

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Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-03-04 SGinvestors.io

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