- ComfortDelGro (SGX:C52)'s FY25 earnings rose 9% y-o-y to S$230mil, in line with both our estimates and consensus. The result largely met expectations on the back of a one-off S$19mil disposal gain from the Victoria bus depot.
- - Read this at SGinvestors.io -
- Declared final dividend of 4.59 cents. Together with its maintained 80% payout ratio, this brings total FY25 ComfortDelGro's dividends to 8.5 cents, in line with our estimates.
- - Read this at SGinvestors.io -
Public Transport
Singapore
- Declining profitability from loss of Jurong West bus package with further declines expected with loss of Tampines bus package. For FY25, operating profit fell 7% y-o-y, driven by the annualised impact of loss of Jurong West package (from Sep 24) and higher rail charges, partly offset by lower fuel and electricity costs.
- Looking into 2026–2027, we expect earnings to soften further as the Tampines package (from Jul 26) rolls off, although this should be partially cushioned by improved rail profitability from fare increases.
UK
- Read more at SGinvestors.io.
