ComfortDelGro - DBS Research 2026-05-14: Intensifying Pressure On Point-To-Point Business and London Bus

• ComfortDelGro (SGX:C52)'s 1Q26 revenue rose 5% y-o-y to S$1.2bn, while earnings fell 16% y-o-y to S$40.5mil, below estimates.

Singapore

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• Taxi/Private Hire – We believe revenue and profitability continue to decline alongside a shrinking fleet size. With Grab remaining aggressive in driver recruitment, we expect fleet contraction to persist throughout the year.

• Inspection & Testing – The segment likely saw its final uplift from mandatory on-board unit (OBU) installations, with 93% of vehicles installed as of end-Jan 26 and the deadline for free installation extended to May. We expect earnings to decline from 2Q26 onwards.

UK

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• Taxi/Private Hire – Addison Lee had a key working relationship with a Middle Eastern airline, where flight disruptions due to the ongoing conflict have impacted its B2B segment. At the same time, the B2C segment remains challenged by competition and cautious consumer spending.

Australia

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-03-02 ComfortDelGro - Facing Structural Domestic Challenges.

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