Equity Analysis /

SG : ComfortDelGro - On the road to recovery

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

    12 April 2022
    Published byCGS-CIMB

    While Covid-19 Omicron variant has dampened mobility in Jan/Feb, we note the meaningful recovery across CDG’s key operating geographies in Mar. Rail ridership recovery and new framework agreement with LTA should help boost CDG’s public transport segment operating profit by 50% in FY22F. Taxi segment should also benefit from lower rental rebates yoy, but pace of reduction could be limited near term. Reiterate Add and TP of S$1.80.