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1Q26 results were weaker than expected, with PATMI falling 16.1% y-o-y to S$40.5m. Taxi/Private Hire segment was a key drag, with B2C business pressured by weak consumer sentiment and competition, while B2B volumes were impacted due to the Middle East conflict.
A challenging start to the year.
- - Read this at SGinvestors.io -
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The Taxi/Private Hire segment was a key detractor. With lower net gain on disposal offset by lower net interest expenses as well as lower non-controlling interests following the acquisition of CityCab, PATMI fell 16.1% y-o-y to S$40.5m, missing our and consensus estimates.
Public Transport OPE grew 2.5% y-o-y to S$37.7m.
- - Read this at SGinvestors.io -
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Looking ahead, the new Jurong Regional Line is expected to commence full operations in 2028. ComfortDelGro is also preparing for tenders for the Copenhagen Metro and UK regional bus franchise – though this would result in higher business development costs classified under Other Segments.
Taxi/Private Hire OPE plunged 45.1% y-o-y to S$17.1m.
- Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
Ada Lim OCBC Group Research | https://www.iocbc.com/ 2026-05-14
Previous report by OCBC:
2026-03-02 ComfortDelGro - Galloping To New Heights.
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
