- ComfortDelGro registered a higher 1Q24 PATMI (+23.8% y-o-y) of S$40.6m which was below our expectations, dragged by lower-than-expected margins. With a lack of near-term catalysts, we downgrade ComfortDelGro to HOLD with a lower target price of S$1.56.
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- The taxi segment benefitted from higher commission and platform fees, offset by lower booking volumes.
1Q24: Soft results.
- ComfortDelGro (SGX:C52) reported higher 1Q24 revenue (+10.8% y-o-y), core operating profit (+10.2% y-o-y) and headline PATMI (+23.8% y-o-y), accounting for 25.0%, 16.4% and 17.4% of our full-year forecasts respectively and coming in below our expectations.
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- As a result of inflationary pressures, 1Q24 core operating margin was flat y-o-y at 5.5%, below our expectations.
Sequential underperformance.
- Read more at SGinvestors.io.
