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/.
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