- ComfortDelGro (SGX:C52)'s 1Q24 results were within our expectations. Revenue and PATMI were 25%/20% of our FY24e forecast. 1Q24 net profit increased 24% y-o-y to S$40.6mil.
- Taxi operations enjoyed the strongest growth with a 39% y-o-y jump in 1Q24 earnings. Public transportation continues to earn paltry operating margins of 3%, dragged down by lower margin contract renewals in Australia. 1Q is typically the weakest seasonally.
- - Read this at SGinvestors.io -
The Positive
Operating leverage from Zig platform.
- - Read this at SGinvestors.io -
- Another boost to earnings was the turnaround in China from lower rental discounts.
The Negative
Decline in Australia earnings.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-05-15
Read also Phillip's most recent report:
2024-08-18 ComfortDelGro - Finally, UK Is A Source Of Growth.
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
