ComfortDelGro - RHB Research 2025-05-15: 1Q25 Results Largely In Line; BUY

• 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.
  • - Read this at SGinvestors.io -
  • 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.

• - Read this at SGinvestors.io -
• 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).

• Read more at SGinvestors.io.

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/.

Read also RHB's most recent report:
2025-08-15 ComfortDelGro - Earnings Growth & Margins Expansion On Track; BUY.

Previous report by RHB:
2025-06-25 ComfortDelGro - Navigating Competition, Delivering Growth; BUY.

Price targets by 5 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