Steady earnings recovery expected for ComfortDelGro: analyst

RHB expects a net profit of $24m for ComfortDelGro.

Return to work and revival of leisure activities help in public transport ridership in Singapore, which could be one of the factors that would drive earnings growth for ComfortDelGro, said RHB.

The analyst said the ridership has an average of 6.39 million bus and train rides per day which is up 22% than in 2021 but 17% down in 2019.

“We expect public transport ridership to continue improving in 2023,” RHB added.

With this, the analyst recommends a buy for ComfortDelGro’s stock, with a $1.60 target price.

It also sees a revenue and net profit of $944m and $24m, respectively, in the final quarter of 2022.

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