- ComfortDelGro (SGX:C52)’s 1Q24 reported net profit after minority interest (PATMI) of S$40.3 mn, +22.9% y-o-y, on the back of revenue of S$1,004.6 mn (+10.8% y-o-y).
- Revenue growth was driven by Public Transport, Taxi/ Private Hire Vehicle (PHV) and Other Private Transport segments, which increased by S$55 mn (+8% y-o-y), S$11.2 mn (+8.2%) and S$31.2 mn (+91.5%), respectively.
Strong y-o-y growth may be blunted by q-o-q seasonality drop
- - Read this at SGinvestors.io -
- In addition, 1Q24 saw higher net interest income (+S$3.6 mn) from additional A2B dividends.
- On a q-o-q basis, PATMI registered 22.6% decline from 4Q23 which was largely attributed to seasonally weaker 1Q given shorter trading days arising from holidays, particularly for its Singapore and China Taxi/ PHV operations, and contract renewals in Australia at lower margins.
Public Transport segment revenue grew by 8% y-o-y
- - Read this at SGinvestors.io -
- ComfortDelGro’s subsidiary, SBS Transit (SGX:S61), had submitted bids for Seletar bus package, and results are expected to be announced around Jun/ Jul 2024 with commencement on 16 Mar 2025. On the other hand, Jurong West bus package will be handed over to new operator (SMRT Bus) on 1 Sep 2024, and we have taken this into our estimates.
Taxi & PHV registered y-o-y revenue growth of 38.6%
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Fang Boon FOO DBS Group Research | Kee Yan YEO CMT DBS Research | https://www.dbs.com/insightsdirect/ 2024-05-15
Read also DBS's most recent report:
2024-09-12 ComfortDelGro - Underappreciated International Expansion.
Previous report by DBS:
2024-08-16 ComfortDelGro - Sequential Growth Story Continues.
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 Dividends & Corporate Actions,
ComfortDelGro News Articles