Citi Research’s Kaseedit Choonnawat says CDG’s core profits were in line with his estimates as the first quarter is a seasonally slow one for the group. He is keeping his “buy” call and target price of $1.84, as he expects earnings to improve sequentially entering the “summer peak”, thanks to UK contracts renewed at higher margins.
ComfortDelGro (CDG) had a seasonally slow start to the year, but analysts are staying positive about the counter as they see contributions from overseas acquisitions roll in.
In 1QFY2025 ended March 31, CDG reported a total revenue of $1.17 billion, up 16.4% y-o-y but 0.755% lower q-o-q. The acquisitions made in 2024 — CMAC, A2B and Addison Lee — contributed to the quarter. At the same time, patmi rose by 19% y-o-y but fell by 16.29% q-o-q to $48.3 million, equal to 13.48% of the market’s full-year estimates of $358.29 million. Core profits rose by 29% y-o-y to $51.6 million, coming in at 22% of FY2025 consensus estimates.
