At home, SBS Transit, the Singapore public transport subsidiary of CDG, has continued to register m-o-m improvements in rail ridership since February.
RHB Group Research analyst Shekhar Jaiswal has maintained his “buy” call for ComfortDelGro (CDG) with a target price (TP) of $1.75, as the company’s operating improvements continue.
In his report dated Oct 7, Jaiswal notes that Singapore’s rail ridership and taxi leadership continues to improve. “While downside risk from the slowing economic environment and lower earnings from the UK persists, the improving operating environment in Singapore, which accounts for around 53% of its operating profit, should keep the earnings outlook relatively defensive,” he says.
