ComfortDelGro - RHB Invest 2024-05-15: Seasonally Weak 1Q24; Better 2H24 Expected; BUY

ComfortDelGro - Seasonally Weak 1Q24; Better 2H24 Expected; BUY

ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • We expect ComfortDelGro’s many units to continue seeing y-o-y improvements ahead on higher local rail revenue, continued improvements in UK public transport revenue, better taxi earnings here, improvement in its China taxi wing, and contributions from newly announced acquisitions.

Seasonally weak 1Q24 results.

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  • ComfortDelGro maintains (and we believe) that the business will continue to improve in the coming quarters, as 1Q24 historically tends to be a seasonally weak quarter.

Despite a seasonally soft 1Q24, PATMI rose 24% y-o-y.

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  • 1Q24 taxi & private hire (TPH) EBIT margin came in a bit below our expectations, as an increase in competition from TADA, a ride-hailing player, led to a y-o-y decline in bookings.

Better 2H expectations.

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Shekhar Jaiswal RHB Securities Research | 2024-05-15

Read also RHB's most recent report:
2024-06-20 ComfortDelGro - Operational Improvement In Singapore 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


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