- ComfortDelGro's 3Q24 core PATMI of S$55.8m (+16% y-o-y; +5.9% q-o-q) was broadly within our/street expectations, taking 9M24 earnings to S$152.8m (+19% y-o-y), which achieved ~75%/73% of the MIBG/consensus’ FY24 estimates.
UK bus contract renewals at improved margins
- - Read this at SGinvestors.io -
- ComfortDelGro recently awarded three bus franchises in Victoria, Australia that will commence in Jul 2025, which represents a 30% growth in its Victoria Public Bus business. However, we understand that industry-wide driver shortages remain a challenge in the country, which saw operating margin further narrowed by 2.4ppt y-o-y to 4.3% in 3Q.
Keen competition in SG taxi & private hire market
- - Read this at SGinvestors.io -
- ComfortDelGro's management acknowledges that market competition remains elevated, even as LTA review of P2P industry is still ongoing.
A relook at Addison Lee deal: is it worth the price?
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank.com/ 2024-11-15
Previous report by Maybank:
2024-10-25 ComfortDelGro - On The Move; Another Acquisition In The UK .
Price targets by 4 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
