ComfortDelGro’s 1H25 results were in line, with a stronger 2H25 expected. Both public transport (PT) and taxi & private hire (TPH) EBIT rose >20%. PT margins are set to improve from UK operations while TPH’s Singapore revenue is expected to stay stable.
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The 9th consecutive quarter of y-o-y PATMI growth
ComfortDelGro delivered its ninth consecutive quarter of y-o-y PATMI growth, with solid and in-line 1H25 results. Revenue rose on the back of full-year contributions from acquisitions (Addison Lee, CMAC Group, and A2B Australia) and the start of the Metroline Manchester contract in Jan 2025. PATMI grew 11.2% y-o-y, though margins eased slightly to 4.4% (1H24: 4.5%).
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Capex is expected to remain elevated in 2025 before normalising in 2026, driven by contract-backed investments and fleet electrification.
Net gearing stands at 16.6%, with a peak below 20% guided. At a 30% gearing level, ComfortDelGro retains approximately S$0.5bn in borrowing capacity for future M&A.
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/.
