- ComfortDelGro (SGX:C52)'s 1H24 results were within our expectations. Revenue and PATMI were 52%/45% of our FY24e forecast. 2Q24 net profit rose 18% y-o-y driven by a strong turnaround in UK bus and Singapore taxi businesses. Interim dividend increased 21% to 3.52 cents. See ComfortDelGro's dividend dates.
- - Read this at SGinvestors.io -
- Taxi earnings spiked 48% y-o-y to S$38.3mil on the back of higher Zig ride-hailing commissions and platform fees.
- Excluding acquisitions, Australia's earnings in 2Q24 declined 26% y-o-y.
The Positive
Margin improvement in Singapore taxi and UK bus operations.
- Taxi margins expanded 4% points to multi-year highs of 22.5%, excluding A2B acquisition. Higher commission rates and platform fees levied by the Zig ride-hailing app contributed to the increase.
- - Read this at SGinvestors.io -
The Negative
Australia bus margins keep sliding.
- Excluding A2B acquisitions, Australian earnings declined 27% to S$9.7mil.
- Australia public bus contracts were renewed in 1H23 at lower margins. Ongoing bus driver shortages in Australia will worsen margins.
Outlook
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-18
Previous report by Phillip:
2024-05-15 ComfortDelGro - Zig Platform Led The Recovery.
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
