ComfortDelGro - RHB Research 2025-09-03: Acquires CityCab; Stay Positive On Growth And Yield

• ComfortDelGro’s acquisition of the remaining stake in CityCab strengthens its strategic focus on Singapore’s point-to-point (P2P) mobility segment, though near-term earnings uplift is modest.
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Deal details.

• ComfortDelGro has acquired the remaining 46.5% stake in CityCab from ST Engineering (SGX:S63) for S$116.3m, raising its ownership in the Singapore taxi operator to 100%. While ComfortDelGro has long managed CityCab’s operations, the entity has traditionally been viewed as a car-rental company.
• - Read this at SGinvestors.io -
• The acquisition, funded by debt, will result in full consolidation of CityCab’s financials. In 2024, CityCab reported S$88m in revenue and S$19m in PATMI. The transaction values CityCab at ~13x 2024 P/E, below ComfortDelGro’s own historical ~15x, suggesting the deal is earnings-accretive.

Our thoughts.

• 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:
2026-03-03 ComfortDelGro - Defensive Yield With Improving Overseas Mix; BUY.

Previous report by RHB:
2025-11-17 ComfortDelGro - UK Unit Registers Strong Growth; Stay 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