- We raised our FY25e revenue and PATMI by 4%/9% respectively. Our DCF-based ComfortDelGro's target price has been increased to S$1.68 (previously S$1.63) and we upgrade our recommendation to BUY from ACCUMULATE. ComfortDelGro pays an attractive forward yield of 6.4%.
- - Read this at SGinvestors.io -
- Excluding acquisitions, we estimate operating earnings declined 3% y-o-y in 4Q24 to S$77.3mil. Weakness was largely in the China taxi and the Singapore rail operations.
- - Read this at SGinvestors.io -
The Positive
Jump in UK earnings.
- Excluding the CMAC and Addison Lee acquisitions, UK earnings surged 225% y-o-y to S$11.7mil in 4Q24. Bus routes in the UK continue to be repriced at higher margins.
- We believe earnings in the UK were negatively impacted by one-off professional fees in the acquisition of Addison Lee, completed in November 2024.
The Negative
Weak earnings in Australia & China.
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2025-03-01
Previous report by Phillip:
2024-11-17 ComfortDelGro - Acquisition Dependent.
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,
ComfortDelGro News
