Ong, who has also increased his target price to $1.64 from $1.60 previously, said his upgrade comes after CDG’s share price has “retracted to an attractive level”. His new target price represents an upside of 16% to CDG’s share price of $1.41 as at Ong’s report dated Feb 28.
Maybank Securities analyst Eric Ong has upgraded his call on ComfortDelGro (SGX:C52
) (CDG) to “buy” from “hold” after the transport operator’s 4QFY2024 patmi of $57.1 million met his expectations as well as that of the consensus. The final quarter’s patmi represented an increase of 15.8% y-o-y, bringing CDG’s FY2024 patmi to $210.5 million, up 16.6% y-o-y.
FY2024 revenue, which grew by 15.4% y-o-y to $4.48 billion, was supported by higher ride-hailing commission rates and fares in Singapore and contributions from new acquisitions made during the year.
