ComfortDelGro - UOB Kay Hian 2025-03-03: 2024 Results In Line; Earnings Growth To Continue In 2025

• We think that the recent dip in ComfortDelGro's share price presents an attractive entry point and ComfortDelGro is one of our conviction picks for 1H25.
• - Read this at SGinvestors.io -

Steady 2024 results.

• In line with expectations, ComfortDelGro (SGX:C52) reported higher 2024 revenue (+15.4% y-o-y), core operating profit (+13.4% y-o-y) and core PATMI (+18.0% y-o-y), all forming 100% of our full-year forecasts. The strong growth in revenue was driven by all business segments while the bottom line was driven by new contributions from recent acquisitions and ongoing UK bus contract renewals.
• - Read this at SGinvestors.io -

Higher final dividends.

• The group proposed a 2H24 final dividend of 4.25 cents per share (2H23: 3.76 cents per share), taking total 2024 ComfortDelGro's dividends to 7.77 cents per share (2023: 6.66 cents per share). This implies a dividend payout ratio of 80% and annualised yield of around 5.5%.

Public transport: Continued margin expansion from the UK business…

• Read more at SGinvestors.io.

Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-03-03

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