Broker Name: Maybank Research Pte Ltd
Date of Report: November 12, 2025
Excerpt from Maybank Research Pte Ltd report.
- ComfortDelGro’s 3Q25 net profit rose 22% YoY to SGD70.4m, mainly boosted by a SGD19m gain from depot sales in Victoria, and the group is expected to benefit further from its acquisition of CityCab, a 5% increase in Singapore public transport fares, and growth in UK public transport margins.
- Despite challenges from ride-hailing competition in the taxi/private hire segment and the loss of the Tampines bus package in 2026, ComfortDelGro is maintaining its FY25-27 forecasts, expanding autonomous vehicle offerings in Singapore, and offers a compelling yield of almost 6% with strong ESG credentials and stable cash flow to support dividends.
Report Summary
- 3Q25 PATMI up 22% YoY to SGD70.4m, largely due to gains from depot sales related to new zero emission bus contracts.
- UK public transport operations are driving higher margins through renewed contracts and new rail JV in Stockholm.
- Taxi and private hire earnings dropped 11% QoQ amid intense competition, but cancellation rates fell after new fee introduction.
- Autonomous shuttle service to launch in Punggol, Singapore, in partnership with Pony.ai in early 2026.
- Dividend yield remains attractive at ~6%, supported by strong cash flow and a payout ratio of at least 75%.
- ComfortDelGro scores well on ESG, with clear progress in fleet electrification, waste and energy management, and diversity targets.
- Maintaining BUY rating with unchanged target price of SGD1.70.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
