- ComfortDelGro’s wholly-owned UK subsidiary has been awarded four new public bus contracts. We maintain our expectations that ComfortDelGro would post a strong 1Q24 driven by favourable tailwinds for both the public transport services and taxi segments.
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- ComfortDelGro remains one of our conviction picks for 1H24. In view of improving fundamentals and a lush 5.5% dividend yield, we maintain BUY and a higher ComfortDelGro target price of S$1.72.
Strong end to 1Q24.
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- Backed by higher rail fares implemented in Dec 23 along with increased margins from ongoing UK bus contract renewals, we maintain our expectations that ComfortDelGro’s public transport services segment would post higher revenue and profitability for 1Q24.
Awarded UK bus contracts.
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