ComfortDelGro (SGX:C52) delivered a record-high 2025 revenue of S$5,058.6m (+13% y-o-y), marking the first time the group has crossed the S$5b threshold. This was in line with our expectations, while core PATMI rose 4% y-o-y to S$214m to beat our forecast by 4%.
Core PATMI beat on strong overseas execution.
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Higher dividend.
ComfortDelGro proposed a final dividend of 4.59 cents/share (2H24: 4.25 cents/share), taking total 2025 dividends to 8.5 cents/share. This translates to an 80% payout ratio and annualised yield of around 5.5%.
Public transport: Margin expansion from UK renewals.
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The segment also benefitted from S$25.9m in net gains from Victorian depot disposals, with proceeds redeployed to acquire an incumbent operator and 86 additional buses, increasing ComfortDelGro’s market share in Victoria.
In Singapore, rail fare adjustments from Dec 25 will support 2026 revenue, although the Tampines bus package will be handed over in Jul 26. Australia operating margins remained stable at around 4.5%, as labour shortages began to ease.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
