Broker: Lim & Tan Securities
Date of Report: 17 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• ComfortDelGro (CDG) – Action: Accumulate on Weakness
  
  • Target Price: S\$1.68 (Current Price: S\$1.48)
  • Potential 1-year Capital Return: 14%
  • Dividend Yield: 5.8%
  • Key Actionable Idea: Investors are encouraged to accumulate on weakness. CDG is capitalized at S\$3.2bln, trading at 13-14x PE, and maintains a policy of paying out at least 70% of annual profits in dividends, with a recent track record of 80% payout. The company manages fuel cost volatility via contractual fuel indexation and hedging, and maintains a healthy balance sheet despite capex demands for electrification.
• Zixin Group Holdings – Action: BUY
  
  • Target Price: S\$0.066 (Current Price: S\$0.032)
  • Potential Upside: Over 100%
  • Valuation: 5.2x forward PE, 0.5x PB, no dividend
  • Key Actionable Idea: Maintain BUY due to strong growth trajectory and expansion in Singapore and Southeast Asia, including new product launches and a JV for fresh produce distribution. Target price is pegged to 10x FY26F PE.

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