ComfortDelGro - UOB Kay Hian 2024-11-15: Strong Growth In 3Q24 As The UK Outperforms

• Slightly above expectations, ComfortDelGro reported higher 9M24 revenue (+15.4% y-o-y), core operating profit (+20.5% y-o-y) and PATMI (+19.0% y-o-y), forming 80%/77%/72% of our full-year forecasts respectively.
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Robust quarter.

• 3Q24 was a strong quarter whereby ComfortDelGro's overall revenue (+18.4% y-o-y, +6.1% q-o-q), core operating profit (+22.4% y-o-y, +9.2% q-o-q) and PATMI (+15.2% y-o-y, +5.1% q-o-q) were higher, driven by the taxi segment, a better profit profile from the UK business, along with higher-than-expected contributions from the consolidation of CMAC. As a result, 3Q24 operating profit from the UK surged to S$22.1m (3Q23:S$6.1m/2Q24:S$8.6m).
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Public transport: Better margins from the UK business…

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Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-15

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