SINGAPORE (Nov 12): RHB Research is maintaining ComfortDelGro at "hold" given rising competition from Singapore private hire car (PHC) players could keep its share price in check in the near term.

In 9M ended Sept, ComfortDelGro reported profit of $220 million, making up 67% of RHB’s estimates. Higher costs for staff, fuel and repair and lower-than-estimated profit from taxi were key reasons for the earnings miss, says RHB.

The $76.2 million y-o-y increase in 3Q18 revenue was aided by $91.4 million of increase in public transport revenue which was offset by $16.6 million decline in taxi revenue. New business acquisitions accounted for 45% of y-o-y increase in revenue.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook