ComfortDelGro (SGX:C52)'s 3Q25 PATMI rose 22% y-o-y to S$70.4m, mainly attributable to S$19m net gain from sale of depots in Victoria as part of terms of new 10-year Zero Emission Bus Franchise contracts. This took 9M25 net profit to S$176.4m and achieved ~76% of MIBG/consensus full-year forecasts.
UK public transport driving higher margins
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Meanwhile, we understand that its Stockholm rail JV started full operations on 2 Nov’25 and ComfortDelGro has also been pre-qualified to bid for future Copenhagen Metro operations as part of the KBH Metro Partner consortium.
Taxi & private hire remains competitive
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On the other hand, management said Singapore fleet size reduction has eased post contract renewal in 2Q25 along with recovery in point-to-point trip numbers. The introduction of its Zig cancellation and waiting fees (with effect from Jul’25) saw a 40% drop in cancellations post-launch. The group will also reassess its commission and fee structures to further optimise supply and demand.
To expand AV offerings in Punggol from early 2026
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Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
