Check out ComfortDelGro's bus and taxi contributions

Bulk of revenues still came from the bus segment.

Transport group ComfortDelGro's well diversified business provides growth avenues despite weak economic outlook, RHB said.

The firm noted how the group's bus segment is to benefit from higher margins post-transition to the government contracting model. Its taxi business is expected to maintain its resiliency even with the rise in popularity of ride-hailing apps like Uber and Grab.

"We expect ComfortDelGro’s Singapore bus business to book 7-8% EBIT margins from 4Q16 under the government contracting model (GCM), which should support growth into 2017," RHB explained.

In 3Q16, its bus segment contributed nearly $500m to the group's headline, or 50% of the total revenue for the quarter.

Meanwhile, its taxi business has seen negligible impact from rising competition presented by Uber and Grab

"Its taxi hire-out rate remains close to 100% and revenue grew 6-7% in 3Q16. While we expect the growth of its fleet to decelerate, its taxi rental rates (and taxi revenues) should rise as it continues to replace older cars with newer taxis," RHB noted.

For the past quarter, its taxi business registered around $330m revenues, contributing 33% to the overall headline.

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