Monday 30 November 2015

ComfortDelGro - RHB invest 2015-11-30: Optimistic On Strong Profit Growth

ComfortDelGro (CD SP) - RHB Invest 2015-11-16: 9M15 Slight Ahead But Growth Is Priced InCOMFORTDELGRO CORPORATION LTD C52.SI 

ComfortDelGro (CD SP) - Optimistic On Strong Profit Growth

  • In line with expected growth in 2016 bus/taxi/rail operations – well supported by bus GCM transition and a drop in competitive intensity for taxis – we upgrade ComfortDelGro to BUY (from Neutral) and raise DCF-based TP to SGD3.60 (from SGD2.86, 23% upside). 
  • It could see a SGD710m cash inflow of SGD710m from a bus assets sale to the LTA. 
  • As management sees limited M&A prospects, its strong net cash balance sheet could translate into higher dividends. 
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