- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-05-15
Read also UOB's most recent report:
2024-10-29 ComfortDelGro 3Q24 Results Preview - Expect Stable Growth Despite Minor Headwinds.
Previous report by UOB:
2024-09-12 ComfortDelGro - Higher Fares & More Contract Wins.
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
