ComfortDelGro - UOB Kay Hian 2024-05-15: 1Q24 Earnings Below Expectations; Downgrade To HOLD

ComfortDelGro - 1Q24 Earnings Below Expectations; Downgrade To HOLD

ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • 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.

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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 @

Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2024-05-15

Previous report by UOB:
2024-04-23 ComfortDelGro - Backed By Favourable Tailwinds.

Price targets by 6 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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