ComfortDelGro’s seasonally soft 1Q25 results saw PATMI grow 19%, driven by UK contract renewals and strategic acquisitions.
The Public Transport (PT) and Taxi & Private Hire (TPH) segments saw robust growth.
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For TPH, while the China business remains weak, Singapore revenue is stable with no impact yet from the GrabCab launch.
We remain positive on ComfortDelGro for its mid-teens earnings growth and above-market dividend yield.
Eighth quarter of y-o-y improvement in PATMI.
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Reported EBIT rose 45.5% y-o-y to S$81.5m, driven by improved margins from UK public transport contract renewals, new contracts in Manchester, cost control in Singapore, and contributions from recent acquisitions like CMAC, A2B, and Addison Lee.
PATMI reached S$48.3m (+19% y-o-y), accounting for only 20% of our 2025 estimate as 1Q tends to be a low season. PATMI margin increased slightly to 4.1%.
Strong growth in Public Transport (PT).
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Above is an excerpt from a report by RHB Securities Research. Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
