In FY2021, Tan says he expects a robust 143% y-o-y growth in net profit, coming off a low base in 2020. “Looking forward, an expected recovery in ridership levels and new contract wins would boost 2022 earnings,” Tan adds.
UOB Kay Hian analyst Llelleythan Tan has maintained a “buy” rating on ComfortDelGro (CDG) with a lowered target price of $1.90 from $1.99.
The new target price is pegged to a lower FY2022 price-to-earnings ratio (P/E) of 18.2 times from 19.2 times previously. It is also tied to +1 standard deviation of CDG’s average five-year mean instead of the previous seven-year average.
