ComfortDelGro - Phillip Securities 2024-05-15: Zig Platform Led The Recovery

• 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 an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-05-16 ComfortDelGro - Acquisitions Delivering Extra Growth.

Previous report by Phillip:
2025-03-01 ComfortDelGro - UK The Shining Light.

Price targets by 4 other brokers at ComfortDelGro Target Prices.

Listing of research reports at ComfortDelGro Analyst Reports.

Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividend Payout Dates & Corporate Actions,
ComfortDelGro News