In lieu of the significant easing of Covid-19 restrictions in Singapore as well, with gathering size limits doubling to 10 effective Mar 29 to sale and consumption of alcohol allowed beyond 10.30pm and up to 75% of employees were allowed back to office (from 50% pax), Ong expects even greater recovery in 2QFY2022 ending December.
CGS-CIMB Group Research analyst Ong Khang Chuen has kept an “add” rating on ComfortDelGro with an unchanged target price of $1.80.
Across Australia, UK and Singapore, Google Mobility showed meaningful recovery in all three areas for ComfortDelGro, although the surge in Covid-19 cases arising from Omicron variant dampened mobility from Dec 2021 to Feb 2022 previously.
