ComfortDelGro - DBS Research 2024-05-15: Look Beyond 1Q Seasonal Variations

ComfortDelGro - Look Beyond 1Q Seasonal Variations

Published:
ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • 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



Previous report by DBS:
2024-03-11 ComfortDelGro - 3 Reasons For A Share Price Re-rate.

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





Advertisement

You May Also Like




SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁

Advertisement