ComfortDelGro - UOB Kay Hian 2024-03-28: Expect A Strong Start To 2024

• In our view, ComfortDelGro is set to post a strong 1Q24 driven by favourable tailwinds for both the public transport services and taxi segments. Higher fares and rail ridership, coupled with increased taxi commission rates, are set to boost margins.
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• In view of improving fundamentals and a lush 6.0% dividend yield, we maintain BUY on ComfortDelGro with a higher target price of S$1.66.
• ComfortDelGro remains one of our conviction picks for 1H24.

Strong start to 2024.

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• As domestic rail ridership continues to recover, we expect a similar uptrend in Mar 24 which would help boost 1Q24 profitability for ComfortDelGro's public transport services segment, backed further by higher rail fares implemented in Dec 23 along with increased margins from ongoing UK bus contract renewals.

Benefitting from the new norm of ride-hailing.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-03-03 ComfortDelGro - 2024 Results In Line; Earnings Growth To Continue In 2025.

Previous report by UOB:
2025-01-27 ComfortDelGro Earnings Preview - Expect A Strong End To 2024.

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 Dividend Payout Dates & Corporate Actions,
ComfortDelGro News