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
UOB
Adrian Loh Tzum Yung ...
  • Singapore Research Team

Strategy - Positioning for recovery

We believe that global equities have largely bottomed out thanks to governments’ and central banks’ swift move to release monetary and fiscal stimulus packages. The Singapore government has done a good job in attempting to protect individuals’ and corporates’ balance sheets. Exiting the “circuit breaker”, we advocate exposure to financially robust companies that are leveraged to the general economic recovery and/or pay a sustainable dividend. Year-end target for the STI is 2,760.

UOB
Carol Dou Xiao Qin ...
  • Jacquelyn Yow Hui Li
  • John Cheong Ming Chern
  • Jonathan Koh
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Lucas Teng Yao Yang
  • Michael Cheung Ho Bun
  • Nick Liu Sunliang
  • Nicola Ho Fang Lin
  • Raphon Prima
  • Shaun Tan
  • Thunya Sutavepramochanon
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, May 26, 2020

GREATER CHINA Sector CRO/CDMO: The fast movers in innovation excellence. Property: Policy interpretation: Investment opportunities still exist in the property industry. Initiate Coverage Frontage Holdings Corporation (1521 HK/BUY/HK$4.13/Target: HK$5.00): Growing service offerings for a strong take-off. WuXi AppTec (2359 HK/BUY/HK$114.50/Target: HK$145.20): Ready to fly higher. Update WuXi Biologics (Cayman) Inc (2269 HK/BUY/HK$126.50/Target: HK$170.00): A fruitful 2020 despite COVID-19 outbreak. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp920/Target: Rp1,050): Depending on collo...

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation - Earnings expected to decline in 1H20. Looking ahead to gradual recovery

CD recorded earnings of S$36m in 1Q20 (-49% yoy). 1H20 profit levels will be expectedly hard hit by the lockdown measures in various countries, although costs can be trimmed to a larger extent by the Jobs Support Scheme and foreign worker levy from 2Q20 onwards. Looking past the near-term weakness, we opine that the group can still emerge as a dominant land transport operator. Maintain BUY with a PE-based target price of S$1.82.

UOB
Jacquelyn Yow Hui Li ...
  • John Cheong Ming Chern
  • Jonathan Koh
  • Joohijit Kaur Jaztar Singh
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Nicola Ho Fang Lin

Singapore Daily : Tuesday, May 26, 2020

KEY HIGHLIGHTS Sector REITs: S-REITs weekly. Initiate Coverage Elite Commercial REIT (ELITE SP/BUY/£0.66/Target: £0.88): Recession-proof counter-cyclical yield play anchored by the UK government. Results First Resources (FR SP/BUY/S$1.28/Target: S$1.65): 1Q20: Results below expectation, mainly due to lower production and sales volume. Update ComfortDelGro Corporation (CD SP/BUY/S$1.54/Target: S$1.82): Earnings expected to decline in 1H20. Looking ahead to gradual recovery. Koufu Group (KOUFU SP/BUY/S$0.63/Target: S$0.69): COVID-19 impact to be cushioned by grants. Riverstone Holdings (RSTON ...

UOB
Arandi Ariantara ...
  • John Cheong Ming Chern
  • Ken Lee
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Lucas Teng Yao Yang
  • Malaysia Research Team
  • Peerawat Dentananan
  • Philip Wong
  • Tanadech Rungsrithananon
  • Thailand Research Team
  • Thunya Sutavepramochanon
  • Vanness Wong Wan

Regional Morning Notes - Wednesday, May 20, 2020

GREATER CHINA Results Pentamaster International (1665 HK/BUY/HK$1.42/Target: HK$2.26): 1Q20: Weakness may extend into 2Q20; hope for recovery in 2H20 when COVID-19 outbreak subsides. Update Nexteer (1316 HK/BUY/HK$4.73/Target: HK$6.00): North American plants reopened earlier than expected. Upgrade from HOLD to BUY. INDONESIA Update Jasa Marga (JSMR IJ/HOLD/Rp3,700/Target: Rp3,800): 13% yoy lower traffic volume resulted in a 14% yoy drop in EBITDA; downgrade to HOLD. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM23.70/Target: RM26.40): 1Q20: Good start to the year but not robust enough fo...

UOB
Adrian Loh Tzum Yung ...
  • Singapore Research Team

Strategy - Positioning for recovery

We believe that global equities have largely bottomed out thanks to governments’ and central banks’ swift move to release monetary and fiscal stimulus packages. The Singapore government has done a good job in attempting to protect individuals’ and corporates’ balance sheets. Exiting the “circuit breaker”, we advocate exposure to financially robust companies that are leveraged to the general economic recovery and/or pay a sustainable dividend. Year-end target for the STI is 2,760.

UOB
Carol Dou Xiao Qin ...
  • Jacquelyn Yow Hui Li
  • John Cheong Ming Chern
  • Jonathan Koh
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Lucas Teng Yao Yang
  • Michael Cheung Ho Bun
  • Nick Liu Sunliang
  • Nicola Ho Fang Lin
  • Raphon Prima
  • Shaun Tan
  • Thunya Sutavepramochanon
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, May 26, 2020

GREATER CHINA Sector CRO/CDMO: The fast movers in innovation excellence. Property: Policy interpretation: Investment opportunities still exist in the property industry. Initiate Coverage Frontage Holdings Corporation (1521 HK/BUY/HK$4.13/Target: HK$5.00): Growing service offerings for a strong take-off. WuXi AppTec (2359 HK/BUY/HK$114.50/Target: HK$145.20): Ready to fly higher. Update WuXi Biologics (Cayman) Inc (2269 HK/BUY/HK$126.50/Target: HK$170.00): A fruitful 2020 despite COVID-19 outbreak. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp920/Target: Rp1,050): Depending on collo...

UOB
Lucas Teng Yao Yang

ComfortDelGro Corporation - Earnings expected to decline in 1H20. Looking ahead to gradual recovery

CD recorded earnings of S$36m in 1Q20 (-49% yoy). 1H20 profit levels will be expectedly hard hit by the lockdown measures in various countries, although costs can be trimmed to a larger extent by the Jobs Support Scheme and foreign worker levy from 2Q20 onwards. Looking past the near-term weakness, we opine that the group can still emerge as a dominant land transport operator. Maintain BUY with a PE-based target price of S$1.82.

UOB
Jacquelyn Yow Hui Li ...
  • John Cheong Ming Chern
  • Jonathan Koh
  • Joohijit Kaur Jaztar Singh
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Nicola Ho Fang Lin

Singapore Daily : Tuesday, May 26, 2020

KEY HIGHLIGHTS Sector REITs: S-REITs weekly. Initiate Coverage Elite Commercial REIT (ELITE SP/BUY/£0.66/Target: £0.88): Recession-proof counter-cyclical yield play anchored by the UK government. Results First Resources (FR SP/BUY/S$1.28/Target: S$1.65): 1Q20: Results below expectation, mainly due to lower production and sales volume. Update ComfortDelGro Corporation (CD SP/BUY/S$1.54/Target: S$1.82): Earnings expected to decline in 1H20. Looking ahead to gradual recovery. Koufu Group (KOUFU SP/BUY/S$0.63/Target: S$0.69): COVID-19 impact to be cushioned by grants. Riverstone Holdings (RSTON ...

UOB
Arandi Ariantara ...
  • John Cheong Ming Chern
  • Ken Lee
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Lucas Teng Yao Yang
  • Malaysia Research Team
  • Peerawat Dentananan
  • Philip Wong
  • Tanadech Rungsrithananon
  • Thailand Research Team
  • Thunya Sutavepramochanon
  • Vanness Wong Wan

Regional Morning Notes - Wednesday, May 20, 2020

GREATER CHINA Results Pentamaster International (1665 HK/BUY/HK$1.42/Target: HK$2.26): 1Q20: Weakness may extend into 2Q20; hope for recovery in 2H20 when COVID-19 outbreak subsides. Update Nexteer (1316 HK/BUY/HK$4.73/Target: HK$6.00): North American plants reopened earlier than expected. Upgrade from HOLD to BUY. INDONESIA Update Jasa Marga (JSMR IJ/HOLD/Rp3,700/Target: Rp3,800): 13% yoy lower traffic volume resulted in a 14% yoy drop in EBITDA; downgrade to HOLD. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM23.70/Target: RM26.40): 1Q20: Good start to the year but not robust enough fo...

COMFORTDELGRO CORP.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of COMFORTDELGRO CORP.LTD. (SG), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date December 6, 2019, the closing price was SGD 2.42 and its potential was estimated at SGD 2.63.

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