ComfortDelGro

Comfortdelgro Corp. and its subsidiaries have eight operating divisions: Bus, which is engaged in bus fare collections, the operation of scheduled services, provision of coach rental services and ancillary advertisement; Bus Station, which is engaged in fare collection; Rail, which is engaged in rail fare collection and ancillary advertisement; Taxi, which is engaged in renting out taxis, operating taxi bureau services and ancillary advertisement; Automotive Engineering Services, which is engaged in the provision of vehicular maintenance and repair services; Inspection and Testing Services, which provides motor vehicle inspection services; Car Rental and Leasing; as well as Driving Centre.
  • TickerC52
  • ISINSG1N31909426
  • ExchangeSingapore Exchange
  • SectorTravel & Leisure
  • CountrySingapore

Analysts

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation (CD SP) - 2Q19: Missed expectations, Impacted by forex rates

CD reported flat yoy net profit of S$76m in 2Q19, missing expectations. While its new acquisition contributed positively, the group was impacted by forex rates. Maintenance costs for the rail line are expected to rise but may be helped slightly by fare hikes and a temporary rail grant under consideration by the authorities. We still like CD’s resilient public transport segment. Maintain BUY with a revised PE-based target price of S$2.95 (previously S$3.08).

UOB
Jacquelyn Yow Hui Li ...
  • John Cheong Ming Chern
  • Leow Huey Chuen
  • Lucas Teng Yao Yang

Singapore Daily - Wednesday, August 14, 2019

KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$2.62/Target: S$2.95): 2Q19: Missed expectations, impacted by forex rates. Wilmar International (WIL SP/BUY/S$4.05/Target: S$4.50): 2Q19: Core net profit of US$177m, below expectations, on lower-than-expected PBT margins from sugar and oilseeds & grains divisions. Guiding a better 2H19. Small/Mid Cap Highlights Fu Yu Corp (FUYU SP/BUY/S$0.215/Target: S$0.285): 2Q19: Results in line with gross margin expansion and higher dividend. TRADERS’ CORNER City Developments (CIT SP): Trading Buy EC World REIT (ECWREIT SP): Trading Buy

UOB
Arandi Ariantara ...
  • Chaiwat Arsirawichai
  • Charles Wong Kok Min
  • Jacquelyn Yow Hui Li
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • K Ajith
  • Ken Lee
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Leow Huey Chuen
  • Lucas Teng Yao Yang
  • Napat Vorajanyavong
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Tanaporn Visaruthaphong
  • Thananchai Jittanoon

Regional Morning Notes - Wednesday, August 14, 2019

CHINA Sector Machinery: Excavator sales accelerated in July, easing market concerns. Results CIFI Holdings (884 HK/BUY/HK$4.22/Target: HK$6.24): 1H19: Sales grow in line with expectations. Lee & Man Paper (2314 HK/SELL/HK$4.01/Target: HK$3.50): 1H19: Net profit down 44% yoy, in line. Cut target price to HK$3.50 on weaker demand outlook for containerboard. Nexteer (1316 HK/HOLD/HK$7.51/Target: HK$8.00): 1H19: Results missed estimates; downgrade from BUY to HOLD with a lower target price of HK$8.00. Update Shenzhen Airport (000089 CH/HOLD/Rmb10.43/Target: Rmb10.90): SZIA will benefit at HKIA’s e...

UOB
Chaiwat Arsirawichai ...
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Ken Lee
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Raphon Prima
  • Tanaporn Visaruthaphong

Regional Morning Notes - Wednesday, July 10, 2019

CHINA Sector Automobile: PV retail sales growth returns to positive territory in June. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/ Rp4,410/Target: Rp4,900): Potential 20% net income growth in 2020 has not been priced in; upgrade to BUY. MALAYSIA Update Hong Leong Bank (HLBK MK/HOLD/RM19.00/Target: RM20.45): Moderating revenue trends and relatively rich valuations at 1.48x FY20F P/B against ROE of 10.4% (sector P/B: 1.18x, ROE: 10.2%) prompt us to maintain HOLD. SINGAPORE Update ComfortDelGro Corporation (CD SP/BUY/S$2.84/Target: S$3.08): Positives from regulatory changes. Suntec ...

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation - Positives from regulatory changes

Proposed regulatory changes were discussed recently and are largely positive for ComfortDelGro’s lagging business units: Singapore rail and taxis. The temporary grant for rail could lift the loss-making DTL while a private hire licensing law could further diminish competition. We raise our PE valuation multiple to 19.5x (FY20F), 1SD above its mean, given operating profits are close to the highs seen in 2015-16 (average PE: 20x). Maintain BUY with a higher target price of S$3.08.

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation (CD SP) - 2Q19: Missed expectations, Impacted by forex rates

CD reported flat yoy net profit of S$76m in 2Q19, missing expectations. While its new acquisition contributed positively, the group was impacted by forex rates. Maintenance costs for the rail line are expected to rise but may be helped slightly by fare hikes and a temporary rail grant under consideration by the authorities. We still like CD’s resilient public transport segment. Maintain BUY with a revised PE-based target price of S$2.95 (previously S$3.08).

UOB
Jacquelyn Yow Hui Li ...
  • John Cheong Ming Chern
  • Leow Huey Chuen
  • Lucas Teng Yao Yang

Singapore Daily - Wednesday, August 14, 2019

KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$2.62/Target: S$2.95): 2Q19: Missed expectations, impacted by forex rates. Wilmar International (WIL SP/BUY/S$4.05/Target: S$4.50): 2Q19: Core net profit of US$177m, below expectations, on lower-than-expected PBT margins from sugar and oilseeds & grains divisions. Guiding a better 2H19. Small/Mid Cap Highlights Fu Yu Corp (FUYU SP/BUY/S$0.215/Target: S$0.285): 2Q19: Results in line with gross margin expansion and higher dividend. TRADERS’ CORNER City Developments (CIT SP): Trading Buy EC World REIT (ECWREIT SP): Trading Buy

UOB
Arandi Ariantara ...
  • Chaiwat Arsirawichai
  • Charles Wong Kok Min
  • Jacquelyn Yow Hui Li
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • K Ajith
  • Ken Lee
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Leow Huey Chuen
  • Lucas Teng Yao Yang
  • Napat Vorajanyavong
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Tanaporn Visaruthaphong
  • Thananchai Jittanoon

Regional Morning Notes - Wednesday, August 14, 2019

CHINA Sector Machinery: Excavator sales accelerated in July, easing market concerns. Results CIFI Holdings (884 HK/BUY/HK$4.22/Target: HK$6.24): 1H19: Sales grow in line with expectations. Lee & Man Paper (2314 HK/SELL/HK$4.01/Target: HK$3.50): 1H19: Net profit down 44% yoy, in line. Cut target price to HK$3.50 on weaker demand outlook for containerboard. Nexteer (1316 HK/HOLD/HK$7.51/Target: HK$8.00): 1H19: Results missed estimates; downgrade from BUY to HOLD with a lower target price of HK$8.00. Update Shenzhen Airport (000089 CH/HOLD/Rmb10.43/Target: Rmb10.90): SZIA will benefit at HKIA’s e...

UOB
Chaiwat Arsirawichai ...
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Ken Lee
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Raphon Prima
  • Tanaporn Visaruthaphong

Regional Morning Notes - Wednesday, July 10, 2019

CHINA Sector Automobile: PV retail sales growth returns to positive territory in June. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/ Rp4,410/Target: Rp4,900): Potential 20% net income growth in 2020 has not been priced in; upgrade to BUY. MALAYSIA Update Hong Leong Bank (HLBK MK/HOLD/RM19.00/Target: RM20.45): Moderating revenue trends and relatively rich valuations at 1.48x FY20F P/B against ROE of 10.4% (sector P/B: 1.18x, ROE: 10.2%) prompt us to maintain HOLD. SINGAPORE Update ComfortDelGro Corporation (CD SP/BUY/S$2.84/Target: S$3.08): Positives from regulatory changes. Suntec ...

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation - Positives from regulatory changes

Proposed regulatory changes were discussed recently and are largely positive for ComfortDelGro’s lagging business units: Singapore rail and taxis. The temporary grant for rail could lift the loss-making DTL while a private hire licensing law could further diminish competition. We raise our PE valuation multiple to 19.5x (FY20F), 1SD above its mean, given operating profits are close to the highs seen in 2015-16 (average PE: 20x). Maintain BUY with a higher target price of S$3.08.

COMFORTDELGRO CORP.LTD. with less fundamental stars is reduced to Neutral

COMFORTDELGRO CORP.LTD. (SG), a company active in the Transportation Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 26, 2019, the closing price was SGD 2.67 and its expected value was estimate...

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