- ComfortDelGro's 1Q25 core PATMI of S$51.2m (+51.9% y-o-y) achieved ~22%/21% of MIBG/consensus full-year forecasts. This excludes non-cash purchase price allocation (PPA) amortisation for CMAC, A2B and Addison Lee, as well as other one-off items.
A seasonal slow start; expect sequential growth.
- - Read this at SGinvestors.io -
- We expect sequential earnings growth, and hence, leave our FY25-27E forecasts and DCF-based ComfortDelGro's target price of S$1.64 unchanged. BUY on ComfortDelGro's share price weakness.
New Manchester public transport contract in Jan 25.
- - Read this at SGinvestors.io -
- EBIT margin rose 1.6ppt y-o-y to 4.8% (flat q-o-q), due to renewal of the UK Metroline London contract at better margins, while the industrywide shortage of bus drivers in Australia is also easing.
- Meanwhile, SBS Transit (SGX:S61) has submitted its bid for the PT220 Tampines bus tender and this new package will commence on 16 Jul 2026. Results are expected to be announced in Jul/Aug’25.
Monitoring taxi & private hire EBIT margin trend.
- Read more at SGinvestors.io.
