"While this major M&A may be accretive, we have some reservations given the challenging operating and regulatory landscape in the UK," says Ong in his Nov 15 note.
Eric Ong of Maybank Securities has downgraded ComfortDelGro (SGX:C52
) Corp from "buy" to "hold" in what he says is a "contrarian" call.
Ong's basic premise is that the land transport operator will now incur heavier spending is required with the impending $461 million acquisition of Addison Lee, a taxi operator in UK.
