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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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-05-15 ComfortDelGro - 1Q25 In Line, Expect Stronger Sequential Growth.

Previous report by UOB:
2025-04-15 ComfortDelGro 1Q25 Earnings Preview - Expect Strong Year-on-year Growth.

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 Dividend Payout Dates & Corporate Actions,
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