ComfortDelGro - Maybank Research 2024-05-15: Cruising Along; 1Q24 Earnings In Line

ComfortDelGro - Cruising Along; 1Q24 Earnings In Line

ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • In view of the seasonal weak 1Q, we deem ComfortDelGro (SGX:C52)'s 1Q24 core PATMI of S$40.6m (+23.8% y-o-y) to be roughly in line with our and market expectations (which forms around 20%/19% of MIBG/consensus’ full-year estimates).
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Rising operating expenses a challenge for public transport

  • 1Q24 public transport revenue rose 8% y-o-y to S$741.1m on improved Singapore rail ridership and fare increases, as well as UK bus renewals & indexation but offset by 1Q low season for intercity coach businesses in the country.
  • EBIT of S$23.8m (+3.5% y-o-y) was however, dragged by higher operating expenses, and public bus contracts in Australia were renewed at lower margins.
  • ComfortDelGro's 74.4%-owned SBS Transit (SGX:S61) has recently submitted its bid for the PT219 Seletar bus tender and this new package is to commence on 16 Mar 2025. Results are expected to be announced in Jun/Jul 2024.

Taxi & private hire faces some competition

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  • The higher commuting costs and competition from other ride-hailing firms also resulted in a decline in Singapore taxi booking volumes to ~7m in 1Q from ~8m a year ago.

Joins hands with Gojek to tackle driver shortage

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Eric Ong Maybank Research | 2024-05-15

Previous report by Maybank:
2024-03-30 ComfortDelGro - Growing Overseas Footprint.

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


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