Latest Forum Topics /
ComfortDelGro
Last:1.29
-0.01
|
|
|
Genting SP Next Move
|
|||||
|
Conman
Elite |
13-Nov-2021 05:15
|
||||
|
x 0
x 0 Alert Admin |
Gueu, what is the name of this 'analyst'? You still believe him? Have you lost your pants or even underwear? | ||||
| Useful To Me Not Useful To Me | |||||
|
Entropy72
Master |
13-Nov-2021 01:03
|
||||
|
x 0
x 0 Alert Admin |
From DBS
---- 3Q21 results in line with expectations 9M21 net profit, EBIT and revenue formed 72%, 74% and 74% of our full year forecast respectively 3Q21 revenue increased 7.4% y-o-y to S$880.3m largely on an improved showing from the Public Transport Services segment However, 3Q21 operating profit dipped 8.0% y-o-y to S$40.3m as government reliefs receipts declined while operating costs, such as fuel costs, increased ComfortDelGro (CDG) received government reliefs totalling S$19.8m in the quarter and has received S$77.0m in 9M21. What now after Australian IPO halted? We remain optimistic on CDG despite the IPO halt. We see two potential reasons for the halt in IPO. First, changes in the Australian market environment in the form of fiercer competition from other listings may have deterred CDG. We note that a plethora of companies are set to list on the ASX by year end including multiple technology companies. Secondly, Sealink Travel Group, an Australian transport operator, had seen its stock fall by over 15% in October. Sealink Travel Group had been widely cited as a peer of CDG and this may have affected CDG Australia?s valuations. Indeed, we think CDG may have been looking at valuations upwards of 12.0x FY22F EV/EBITDA and above (higher than our base case assumptions) given Sealink Travel Group?s FY22F EV/EBITDA of c.10x. Overall, we believe that CDG has opted to be patient and avoided a spin-off at potentially lower valuations. We think the IPO may be merely delayed instead of being shelved completely and CDG can afford to be patient to continue scaling up in a bid for better valuations. CDG could also continue to explore other options including a merger or sale of a strategic stake. Spotlight reverts to re-opening of the economy. CDG?s Australia business offers substantial value. With the IPO of the Australian business off the table for now, the focus shifts back to the recovery in CDG?s businesses, driven by a reopening in Singapore, the UK and Australia. In Singapore, we may see the end of taxi rental waivers in FY22F to the tune of over 20%. The signing of a framework agreement by SBS Transit with the Land Transport Authority of Singapore paves the way for multiple changes including the transition of the Downtown Line to the National Rail Financing Framework (Version 2) and extension of 5 bus packages by a term averaging 3 years, albeit at a lower service fee value. Maintain BUY with SOTP-based TP of S$2.06. We revised our earnings projections for the next 3 years slightly to reflect new information including the recent change in SBS Transit?s businesses. Our valuation of S$2.06 is maintained based on our target prices for SBS Transit and VICOM and 6.5x FY22F EV/EBITDA for CDG?s remaining businesses (including CDG Australia). We used a peg of 6.5x FY22F EV/EBITDA as this is near CDG?s pre-COVID forward EV/EBITDA mean and 5-year forward EV/EBITDA mean. In our recent report which valued CDG at S$2.06, we had pegged CDG Australia to 10.0x FY22F EV/EBITDA. Curiously, even as revert to a lower peg of 6.5x FY22F EV/EBITDA, we found that the higher shareholding (compared to after the IPO) made up for the lower valuation multiple of 6.5x. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Ovywind
Veteran |
13-Nov-2021 00:14
|
||||
|
x 0
x 0 Alert Admin |
hoghly pathetic stock  taxi move back 1.5 level 🧐
|
||||
| Useful To Me Not Useful To Me | |||||
|
Conman
Elite |
12-Nov-2021 19:46
|
||||
|
x 0
x 0 Alert Admin |
Guru, you dont trust Civil Servants and Military but would you trust the Conman now? You must know that these two are the most insensitive people in the World.
Public transport, unlike taxis, is any nation's vital essential services among others. Probably Zoom Bee has gone too big in Australia and has even opened its lion mouth big big wanting to earn more by selling the Australian Public Transport back to the Australians by listing. This will be like Towner Transit taking over all the bus and rail services in Singapore and then list them on the SGX. Would that be acceptable to you and me? Just take care that Zoom Bee dont get its licence renewed in Australia. This might sound unthinkable to the Civil Servants and the Military but not to the Conman. 🤯
|
||||
| Useful To Me Not Useful To Me | |||||
|
ytthong1951
Member |
12-Nov-2021 17:46
Yells: "It 'll be about 2mths 23 days befor Oue reports its 4q'18. I" |
||||
|
x 0
x 0 Alert Admin |
I disagreed with Christopher Tan' s ' doubly puzzling how well the counter had weathered  the pte-hired disruption .... ' There is nothing puzzling about this as trains & buses made up 80% of its rev. & taxis only 12.5%.'   The other is his PE of 21 when the stock is battered & PE of 17 when Delgro reported recorded earnings in FY' 16. This is possible because the market is forward looking. When the earnings are already high, the market does not think the earnings will increase further, so it does not bid the price higher resulting in stagnant price & PE. But, when the market thinks the earnings have more legs to go up, they bid the price up resulting in a higher PE.  Just these for the time being.  wyeo. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Bigprofit
Member |
12-Nov-2021 16:38
|
||||
|
x 0
x 0 Alert Admin |
Co. should respond to ST article as many would have bought and held onto its shares based on the narrative that it was going to " unlock value" of its Australian unit. | ||||
| Useful To Me Not Useful To Me | |||||
|
Speediman
Veteran |
12-Nov-2021 15:46
|
||||
|
x 0
x 0 Alert Admin |
BB' s are just churning their shares and renew borrowings for this stock. 1.51-1.52 is a strong support. Fundamentals are strong where profit is concerned. This is not catching a falling knife, it is more of getting in at a good price again.  | ||||
| Useful To Me Not Useful To Me | |||||
|
finjungle
Veteran |
12-Nov-2021 15:38
|
||||
|
x 0
x 0 Alert Admin |
Our leaders have this notion that all civil servants and military men and women have the prerequisites to manage all business. THIS IS WRONG< WRONG WRONG!!!! Even at the low of 1.35 I restrained from buying. Ha ha ha 
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Entropy72
Master |
12-Nov-2021 15:30
|
||||
|
x 0
x 0 Alert Admin |
Indeed. From both civil service and military ....  The halos are gone  ![]()
|
||||
| Useful To Me Not Useful To Me | |||||
|
Starship
Supreme |
12-Nov-2021 15:15
|
||||
|
x 0
x 0 Alert Admin |
Singaporeans are no longer surprised that many leaders of listed companies here proved themselves to be below par. Esp those that parachuted in fm civil service !!!! 
|
||||
| Useful To Me Not Useful To Me | |||||
|
Entropy72
Master |
12-Nov-2021 14:41
|
||||
|
x 0
x 0 Alert Admin |
Straits Time article by Christopher Tan today. As I said, confidence in CDG management has been shaken with this episode and they have not properly accounted for the fiasco.  The sell down is quite fierce in volume today, in spite of the good operating results. Good opportunity to accumulate more. ---------------------- SINGAPORE - What is happening to ComfortDelGro' s shares? Since the group  announced in May that it was planning to free up cash from its Australian unit  - later revealed as an initial public offering (IPO) - its stock price has continued to trend downwards. The counter took another hit on Thursday (Nov 11), after the home-grown transport group said on Wednesday that it was  calling off its IPO plans Down Under.  Closing five cents lower at $1.56, the stock is 14 per cent off its year' s high in April. Could investors be unconvinced of the listing narrative - freeing up cash to grow and reward shareholders? If so, why the tumble after the listing was called off? It is doubly puzzling how well the counter had weathered the private-hire disruption in the earlier years. Even as these firms aggressively expanded their fleets - ballooning 20 times in three years to 32,000 vehicles to well exceed ComfortDelGro' s local taxi fleet in 2016 - its share price continued to soar, breaching $3 in 2015 and staying at that record level in 2016. Even as recently as mid-2019, it was well above $2.50. To be fair, the market may have been lulled by the calm before the storm. Even as the private-hire threat grew, ComfortDelGro' s financial performance remained resilient. Rising year after year, its earnings hit a record $317.1 million in 2016. But it has been downhill since. In 2019, the group posted a profit of $265.1 million. And when the pandemic arrived last year to decimate taxi demand (which has long been a main contributor to its bottom line), this plunged to $61.8 million - and largely on the back of government relief. Interestingly, ComfortDelGro' s stock, despite its battered state, is currently trading at a price-earnings (P/E) ratio of 21 - noticeably higher than its P/E of 17 when the group reported record earnings for FY2016. Which brings us back to Australia. A listing would theoretically prop up ComfortDelGro' s share price, as sectorial price-earnings ratio tends to be much higher Down Under. For instance, the Kelsian Group (formerly Sealink Travel Group), which runs several sea and land transport services, and which owns bus operator Tower Transit, is trading at a P/E of more than 40 on the Australian Securities Exchange. In its report on Nov 8, DBS Group Research raised its target price for ComfortDelGro to $2.06 from $1.94 previously, saying it believes that CDG Australia could be worth more than A$1.2 billion (S$1.19 billion) on the back of its potential IPO. A successful IPO, it added, should see valuations above nine times forward enterprise value for CDG Australia, translating to a valuation of $4.3 billion for ComfortDelGro. Its market capitalisation is currently $3.4 billion. Well and good, but what is the IPO story? The market loves a good story, as Tesla chief Elon Musk knows too well. On that front, ComfortDelGro' s intent is hazy. A hint came in the form of what its long-time chairman, Mr Lim Jit Poh, said when the group announced its intention in May to " unlock value" of its Australian unit - its single largest overseas business. " As part of a strategic review of our businesses, and a new focus on renewable energy, we have been looking at our global portfolio to see where we can unlock value for shareholders as well as investing in new technologies including electrification," Mr Lim said.  
So, is ComfortDelGro, a company reliant on fossil fuels, switching to electric taxis and cars? That is hardly exciting and, to be honest, a tad behind its rivals. And such a move certainly does not require an IPO to execute. Is it going to invest in an electric vehicle (EV) manufacturer? Perhaps a battery maker? Or an EV-charging business? It has enough cash on hand to do so. Electric buses? Not quite, as the Government buys and owns all buses. Which leaves us with another plausible reason for the IPO move: releasing cash to reward shareholders. What Mr Lim said when ComfortDelGro revealed its Australian  IPO plans in August also hints at a political angle. He said the group' s unit Down Under has been " a significant contributor to the Australian public transport scene" . " We believe the time is now right to share this Australian growth story with Australian investors," he added. Do Australians want to share in ComfortDelGro' s growth story? If they do, they do not want it badly enough. Otherwise, the IPO would not have been called off. The company cited unfavourable market conditions. Observers said this included competition from other IPOs. According to Bloomberg, 20 companies were listed on the ASX in October, adding that more will follow, as the last quarter is usually the busiest for floats in Australia. So the competition from other IPOs is not exactly an unknown. In announcing its intention to ditch the IPO, ComfortDelGro also said " other strategic options" have emerged. If there is a story there, it is again hazy. As for its share price, it could well be that investors have finally woken up to the realisation that ComfortDelGro is not getting out of its financial doldrums - one made far worse by the pandemic - any time soon. Its Singapore taxi business continues to be affected by private-hire disruptors, and its rail unit is still struggling because of lower ridership. Only its bus business is faring well because of an operating model which sees the Government bearing all revenue risks. Singapore still accounts for the bulk of operating profits (60 per cent to 85 per cent between 2016 and 2020). Overseas contributions, as crucial as they are, cannot make up for sizeable shortfalls here. That being said, ComfortDelGro' s Australian narrative must continue. After all, its total investment Down Under is more than all its investments elsewhere, including Singapore, combined. It is only right that it unlocks some value from there. |
||||
| Useful To Me Not Useful To Me | |||||
|
tpohwashere
Veteran |
12-Nov-2021 14:08
|
||||
|
x 0
x 0 Alert Admin |
Price will remain suppressed as long as countries are in lockdown.   It' s one of those stocks where you buy, collect dividends, park aside and just wait it out.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
halleluyah
Supreme |
12-Nov-2021 14:02
|
||||
|
x 0
x 0 Alert Admin |
ah boy, tell me when u going to take taxi again....i see 1.40 baru book taxi better....takut can vomit more out....
|
||||
| Useful To Me Not Useful To Me | |||||
|
Superwhite
Senior |
12-Nov-2021 12:20
Yells: "Super White lah" |
||||
|
x 0
x 0 Alert Admin |
Attractive maybe but definitely not a time to catch a falling knife now. Just look at the chart. I would wait for a sign to show a turn around. This counter will not suddenly shoot up by alot one. No need to rush to buy.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Speediman
Veteran |
12-Nov-2021 12:09
|
||||
|
x 0
x 0 Alert Admin |
Good that CDG is putting off the the IPO. Valuation is very important. A 6-12mths delay could bring valuation up by another 25-50% when more and more countries enter into endemic living. VTL using ART test (instead of PCR) could be the new default in coming months and travelling will be ramped up by double. This is an attractive time and price to buy in CDG.  | ||||
| Useful To Me Not Useful To Me | |||||
|
Speediman
Veteran |
12-Nov-2021 12:00
|
||||
|
x 0
x 0 Alert Admin |
Valuation is quite attractive at this price. Once WFH is not the default, we can expect more transport rides in the last 6 weeks of 2021.  I expect govt to allow 40-50% capacity back to work very soon.    |
||||
| Useful To Me Not Useful To Me | |||||
|
kiseki_2818
Master |
12-Nov-2021 11:31
|
||||
|
x 0
x 0 Alert Admin |
ah mar..is keep go round n round, i keep boarding n alight. think " sentiment" now...14 days later may improve.  
|
||||
| Useful To Me Not Useful To Me | |||||
|
Starship
Supreme |
12-Nov-2021 10:32
|
||||
|
x 0
x 0 Alert Admin |
![]()
|
||||
| Useful To Me Not Useful To Me | |||||
|
Starship
Supreme |
12-Nov-2021 10:30
|
||||
|
x 0
x 0 Alert Admin |
![]() ![]()
|
||||
| Useful To Me Not Useful To Me | |||||
|
Superwhite
Senior |
12-Nov-2021 09:32
Yells: "Super White lah" |
||||
|
x 0
x 0 Alert Admin |
@Silo1234...
|
||||
| Useful To Me Not Useful To Me | |||||





