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COMFORT DELGRO - MOVING FORWARD
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Joelton
Supreme |
15-Aug-2026 15:58
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ComfortDelGro H1 profit falls 19.7% as group focuses on long-term transformation [SINGAPORE] Singapore-headquartered transport operator ComfortDelGro&rsquo s (CDG) net profit fell 19.7 per cent year on year to S$85.1 million for the six months ended Jun 30, 2026, from S$106 million. This was despite an increase in revenue, which expanded 5.7 per cent to S$2.6 billion, from S$2.4 billion. This was mainly due to contributions from its international public transport operations in Australia, New Zealand, the United Kingdom, Sweden and France. H1 operating profit for CDG&rsquo s public transport segment rose 4 per cent year on year to S$79.7 million. The segment accounted for 55.9 per cent of the group&rsquo s operating profit. Net profit fell mainly due to a sharp drop in its taxi and private hire business. Operating profit for that segment dropped more than 40 per cent year on year to S$35.5 million. This was due to factors including cost-of-living pressures and disruptions to international travel arising from the Middle East conflict, said the company. CDG has taxi and private hire services in Singapore, China, Australia and the UK. Operating profit for the taxi and private segment contributed to 24.9 per cent of the group&rsquo s overall operating profit of S$142.6 million. Other business segments for CDG include its inspection and testing services. Shares of CDG closed flat at S$1.35 on Friday before its H1 results were released, and the counter is down 9 per cent year-to-date. CDG&rsquo s board declared an interim dividend of S$0.0391 per share, unchanged from the previous year, citing strong operating cash flows, a growing base of contracted and recurring earnings, and confidence in the group&rsquo s long-term strategy. That long-term strategy involves transforming the group&rsquo s taxi and private hire business. A need to transform the taxi business CDG&rsquo s CEO Cheng Siak Kian said in an interview with The Business Times ahead of the earnings release that the company realises it needs to up its game with its taxi and private hire business. &ldquo We are now very clear-eyed. We&rsquo re not looking to compete with ride-hailing platforms in terms of the number of vehicles they have, but what we want to do is to be very focused on the specific areas we do well,&rdquo Cheng noted. He explained that these specific areas involved leveraging CDG&rsquo s expertise and reputation as a pure-play transport operator to go after specific market segments such as premium travellers or hospital transfers in Europe, the UK and Australia. In Europe, CDG&rsquo s recent acquisitions of the likes of Addison Lee, a black cab service in the UK, and CMAC, a ground transport management and accommodation network specialist, are expected to play an important role in Europe and the UK. For example, CMAC works with airlines to facilitate crew transfers while Addison Lee, on the other hand, is a transport operator. CDG will look to integrate these platforms and direct jobs from CMAC&rsquo s work with airlines to Addison Lee&rsquo s black cab services. Separately, Addison Lee also has contracts with companies to transfer corporate travellers from airports to hotels, and Cheng said the company is also actively looking to increase such contracts. In Australia, CDG runs a2b, the country&rsquo s largest taxi network with a fleet of about 7,500 vehicles that include premium taxis. Cheng sees an opportunity to replicate the play in Europe and the UK in Australia, and also an opportunity for a2b to work with medical providers to facilitate hospital transfers. &ldquo The point-to-point transformation is specifically targeting premiums and enterprise level jobs,&rdquo Cheng said of the Australia, UK and Europe market. Its long-term strategy in its home market of Singapore does not differ greatly from its overseas markets, but Cheng pointed out that driver preferences are changing in the city-state and the company needs to acknowledge that. For example, he said that CDG has been increasing its private car rental fleet to account for slowing demand for taxi rentals. The company&rsquo s private hire driver base rose 28 per cent from last year and it now has more than 4,000 active private hire drivers on its Zig platform. Cheng added that these are some early examples of a transformation to its taxi and private hire business that could take up to 36 months. The company is also keen to expand its autonomous vehicle fleet and is looking to enter either the Beijing or Shenzhen market later this year. CDG has been running a sandbox AV programme in Guangzhou since March 2025. Cheng argued that CDG, being a pure-play transport operator, is in a good position to grasp the AV opportunity as it is experienced with handling large fleet networks and the ancillary services that support the fleet. Successfully transforming its taxi and private hire business is key for CDG due to the margins. While the public transport segment is bound by long-term contracts and currently represents the biggest chunk of revenue, its margins are significantly lower when compared to its taxi and private hire business. The company revealed that public transport margins are in the mid-single digits while margins for its taxi and private hire segments are &ldquo in the mid-teens&rdquo . The transformation would not be &ldquo done overnight&rdquo , Cheng explained, but it is something the company is keen to get right because ultimately the company needs to keep making money to pay its shareholders. &ldquo We want to make sure we can continue to do so, and it&rsquo s not about doing everything our competitors are doing but identifying the key areas we can be strong in,&rdquo the CEO added. |
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Winnertakeall
Elite |
15-Aug-2026 12:59
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CDG OVERALL ASSESSMENT FOR Q2/1H 2026 RESULT
The important point is that this isn' t a balance-sheet or cash-flow crisis. The company generated $331m operating cash flow while maintaining the 3.91-cent interim dividend. For CDG, I would therefore put the results at roughly 6/10 weak earnings, but good cash generation, maintained dividend and reasonable recovery catalysts. |
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Guzman
Member |
15-Aug-2026 08:56
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Looking at geographical segments, Operating Profits in UK/EU dropped from $33.9m in 1H2025 to $29m in 1H2026 and for Australia, from $29.5m in 1H2025 to $16.8m in 1H2026. We can only conclude that after spending close to $700m+, all recent overseas acquisitions of a2b, CMAC, Addison Li etc in the past 2 years have failed miserably! How to trust this Board and Management? | ||||||||||||||||||||
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Guzman
Member |
15-Aug-2026 08:41
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Comfortdelgro 1Q PATMI down 16.1% compared to 1Q2025. The latest results show 1H2026 PATMI down 19.7% compared to 1H2025. Obviously performance in 2Q has further deteriorated. 3Q and 4Q will be worst as contributions from SBST will be reduced with handing over of Tampines, and VICOM' s OBU installation would about to end. | ||||||||||||||||||||
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Winnertakeall
Elite |
14-Aug-2026 17:34
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The Edge Singapore ComfortDelGro 1HFY2026 patmi down 19.7% y-o-y to $85.1 mil maintains dividend at 3.91 cents https://www.theedgesingapore.com/capital/results/comfortdelgros-1hfy2026-patmi-down-197-y-o-y-851-mil-maintains-dividend-391-cents |
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Winnertakeall
Elite |
14-Aug-2026 09:07
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ComfortDelGro Corporation Limited is scheduled to announce its 1H 2026 results today, Friday 14 August 2026, after market close. |
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Joelton
Supreme |
13-Aug-2026 11:29
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CDG takes full control of EV charging unit after buying out partner Engie [SINGAPORE] ComfortDelGro : C52 0% (CDG) has taken full control of its electric vehicle charging business, CDG Engie, after buying out joint venture partner Engie. Following the move, the mainboard-listed land transport operator on Wednesday (Aug 12) unveiled the business&rsquo new corporate identity, CDG Energy. The joint venture was established in 2021, with CDG owning a 51 per cent stake and French multinational energy giant Engie holding the remaining 49 per cent. With full ownership secured, CDG will pivot the business beyond basic charging infrastructure to offer comprehensive fleet electrification and integrated energy management services. The consolidation gives the group complete control over a network of 2,600 charging points across 800 locations in Singapore and Malaysia. Cheng Siak Kian, managing director and group chief executive of CDG, said the fully integrated unit &ldquo represents a natural extension&rdquo of the group&rsquo s broader mobility ecosystem, enhancing its ability to capture opportunities in the convergence of mobility and energy. The buyout, completed at the end of July for an undisclosed amount, followed an earlier retreat by Engie. In January, The Business Times reported that the Paris-listed company was selling all the startup stakes and interests it held in Singapore and the Asia-Pacific via its venture arm, Engie Factory Asia-Pacific, as part of a restructuring. That unit was then acquired by Pacific Channel, a venture capital firm headquartered in New Zealand, in May. Now operating independently of its former partner, CDG Energy aims to help commercial customers optimise energy usage, improve operational efficiency and meet decarbonisation targets. &ldquo While EV charging remains a core part of our business, our customers increasingly require integrated solutions that support fleet electrification, energy optimisation and infrastructure planning,&rdquo said Yeo Woo Yee, general manager of CDG Energy. Existing operational services and customer support will continue uninterrupted, with physical and digital assets scheduled to transition to the new CDG Energy branding in phases, the company said. |
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Winnertakeall
Elite |
12-Aug-2026 18:53
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CDG takes full control of EV charging unit after buying out partner EngieIt rebrands former joint venture to CDG Energyafter acquiring the remaining 49% it did not own. https://bt.sg/6PsL |
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Winnertakeall
Elite |
28-Jul-2026 14:51
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ComfortDelGro is expected to announce its 1H 2026 (Q2) financial results on 14 August 2026, after the market closes. This is the company& rsquo s half-year results announcement, which includes second-quarter performance and any interim dividend declaration. Investors will be watching for:
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Winnertakeall
Elite |
24-Jul-2026 18:53
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ComfortDelGro FY2025 revenue exceeded S$5 billion, but its net profit margin remained only around 4 ~ 5%, reflecting the nature of the public transport business and pressure in some operations. Management strategy to improve profitability focuses on several areas:
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Alignment
Elite |
19-Jul-2026 00:26
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Alamak... Reminds me of the old Monty Python sketch " it' s just a flesh wound" . https://www.youtube.com/watch?v=RIEMvL4APYs& t=90s |
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Joelton
Supreme |
18-Jul-2026 13:26
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ComfortDelGro' s loss of latest bus package ' immaterial' to earnings: DBS Chee Zheng Feng of DBS Group Research has kept his " hold" call and $1.30 target price on ComfortDelGro after it lost another bus package. According to the Land Transport Authority (LTA), it has awarded the Serangoon-Eunos Bus Package, now held by ComfortDelGro' s subsidiary SBS Transit to rival land transport operator SMRT. The five-year contract will commence next June, with an option for LTA to extend the term by a further 2 to 5 years. This package comprises 26 bus routes and SMRT put in the winning bid of $600 million, around 5% below SBS Transit&rsquo s lowest bid. Under this contract, SMRT will operate from the new Kim Chuan Bus Depot and manage Eunos Bus Interchange, Serangoon Bus Interchange, Woodleigh Bus Interchange, and Sims Place Bus Terminal. According to LTA, SMRT secured the contract by offering cost savings relative to the current contract while demonstrating strong capabilities in electric bus operations and maintenance. SMRT' s proposal also included comprehensive plans for workforce development and capability building. Chee notes that with the loss of the Serangoon-Eunos Bus Package, SBS Transit now operates 6 of Singapore' s 14 bus packages, which gives it a 43% market share, compared to 4 packages for SMRT and 2 packages each for Go-Ahead and Tower Transit, which translates into market shares of 29% and 14% respectively. By assuming the current contract value is broadly in line with SBS Transit' s tender bid of $630 million over 5 years, and applying a typical 4% net margin, Chee estimates an annual earnings impact of around $5 million for SBS Transit. On a prorated basis, this translates to an estimated FY2027 earnings impact of $2 million at the ComfortDelGro level, which is an " immaterial" 1% of its total earnings. " Nonetheless, with only 2 of its 6 bus packages secured via competitive tenders, SBS Transit remains exposed to further package losses as its remaining 4 packages, previously awarded under negotiated contracts, are progressively put up for tender in the coming year," says Chee. " SMRT' s latest aggressive bid reinforces this risk," he adds. ComfortDelGro shares as at 3.20 pm was unchanged at $1.34, but down 10.14% year to date. SBS Transit was down 1.08% to trade at $3.65. Year to date, it is up 14.06%. |
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Joelton
Supreme |
16-Jul-2026 11:04
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ComfortDelGro appoints Yap Chee Khean to newly created group COO role [SINGAPORE] Transport giant ComfortDelGro : C52 +0.75%on Wednesday (Jul 15) said it has appointed Yap Chee Khean as its first group chief operating officer (COO). This is a newly created role, as part of the company&rsquo s wider strategy to strengthen global operations and grow across markets. The 49-year-old&rsquo s appointment is effective from Oct 15, ComfortDelGro said in a statement. Yap has more than 20 years of business and leadership experience, including scaling operations across various organisations such as Carlsberg Group and Jardine Matheson : J36 +0.85%. Since 2022, he has been co-CEO of Astra Digital Mobil, leading the growth of Indonesia&rsquo s used car platforms and digital classifieds. As ComfortDelGro&rsquo s group COO, Yap will work closely with the group CEO, business leaders and senior management team to &ldquo strengthen performance discipline&rdquo and &ldquo drive consistent execution&rdquo across the global businesses, the company said. Chairman Mark Greaves said establishing the group COO role is &ldquo an important step in strengthening ComfortDelGro&rsquo s top management bench&rdquo . &ldquo Yap brings a strong blend of strategic, commercial and operating experience across Asia, and his appointment adds depth to the leadership team as the group continues to pursue disciplined and sustainable growth internationally,&rdquo he added. Shares of ComfortDelGro closed up 0.8 per cent or S$0.01 at S$1.34, before the news. |
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Winnertakeall
Elite |
13-Jul-2026 09:41
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Expectations for ComfortDelGro' s Q2/1H2026 results:
Dividend outlook ComfortDelGro has maintained a policy of paying sustainable dividends, with FY2025 total dividends of 8.5 cents per share (3.91-cent interim and 4.59-cent final), equivalent to an 80% payout ratio. Management has indicated it intends to keep the payout around this level unless there are exceptional circumstances |
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halleluyah
Supreme |
06-Jul-2026 09:07
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next mth div...last aug was 0.391.... heading 1.40 soon....dyodd..... | ||||||||||||||||||||
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teeth1953
Senior |
29-Jun-2026 19:08
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Oil steadies as US and Iran agree to halt attacks | Reuters https://share.google/EUVZn8scrnBHlEU5g (look like something good)...:)
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Winnertakeall
Elite |
26-Jun-2026 10:33
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Overall ComfortDelGro as more attractive for income than for rapid capital growth. If the company delivers net profit of around S$240 ~ 260 million for FY2026 while maintaining its dividend, a share price in the S$1.45 ~ 1.55 range would be a reasonable valuation over the medium term | ||||||||||||||||||||
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halleluyah
Supreme |
25-Jun-2026 09:36
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oil kept dropping, almost to feb lvl shld benefit tis babe..... | ||||||||||||||||||||
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Winnertakeall
Elite |
24-Jun-2026 10:40
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Current analyst target prices are mostly between S$1.35 and S$1.57, with consensus around S$1.47 ~ 1.52. For investors, the key question is whether Q2 shows a recovery from Q1. A Q2 PATMI near S$45 ~ 50m would be a reassuring sign that FY2026 earnings can still exceed S$180m. |
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Joelton
Supreme |
24-Jun-2026 09:34
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DBS raises ComfortDelGro to &lsquo hold&rsquo , lifts target price to S$1.30 [SINGAPORE] DBS on Monday (Jun 22) upgraded land transport operator ComfortDelGro (CDG) to &ldquo hold&rdquo from its previous &ldquo fully valued&rdquo rating. It also raised the 12-month target price to S$1.30 from S$1.11. The reassessment comes as early anxieties over severe margin compression in the company&rsquo s UK public transport business begin to ease, alongside a more optimistic outlook for shareholder returns. DBS analyst Chee Zheng Feng said that initial fears of a repeat of 2022, when soaring UK inflation severely dented CDG&rsquo s public transport margins, have moderated. This comes as UK inflation remained stable at 2.8 per cent in May, which was below consensus expectations of an increase to 3 per cent. The UK labour market is also showing signs of cooling, with the first-quarter unemployment rate at 5 per cent compared with a low of 3.7 per cent in the third quarter of 2022. This slack is expected to restrain union wage demands and prevent a major labour cost spike. CDG has also continued to secure new public transport tenders in the UK at attractive double-digit margins, noted the analyst. Consequently, DBS raised its public transport core operating profit forecast for the company to S$149 million from its initial S$138 million projection. Higher dividends backed by low Sora The brokerage has also turned more bullish on CDG&rsquo s capacity for shareholder-friendly actions, raising its projected dividend payout ratio to 85 per cent from 80 per cent. This adjustment translates to an estimated financial year 2026 dividend of about S$0.074, offering a yield of about 6 per cent at the new S$1.30 target price. &ldquo With three-month Sora (Singapore Overnight Rate Average) trending at around 1.08 per cent, the company should be comfortable maintaining its current debt levels while placing greater emphasis on shareholder returns,&rdquo said the analyst, pointing to recent share buybacks as a clear signal of management&rsquo s changing priorities. Vicom and earnings upgrades DBS also lifted its FY2026 and FY2027 earnings forecasts for CDG by 7 per cent and 12 per cent, respectively. Beyond the UK, the group&rsquo s 65 per cent-owned inspection and testing subsidiary, Vicom, is positioned to partially offset weaker domestic demand through high-margin on-board unit installations. Malaysian motorists are expected to opt for the one-off S$159 installation fee to avoid paying daily Electronic Road Pricing (ERP) charges of up to S$10 ahead of the new ERP system&rsquo s implementation on Jan 1 in 2027, said the analyst. Therefore, he raised Vicom&rsquo s profitability estimate to S$47 million from S$43 million. Despite the upgrade, CDG&rsquo s taxi and private hire segment continues to face structural headwinds. In Singapore, competition remains fierce as Grab uses its substantial cash balance to recruit taxi drivers, causing ongoing fleet attrition for CDG. Similar competitive fleet declines are being observed in Australia. Furthermore, the group&rsquo s UK private hire acquisition, Addison Lee, has seen its lucrative contract with a major Middle Eastern airline disrupted by significantly lower flight frequencies amid the ongoing Iran war. Mainly dragged down by these geopolitical disruptions and the absence of elevated public transport disposal gains, CDG&rsquo s second-quarter earnings are projected to decline by 10 to 15 per cent. However, a gradual operational recovery is anticipated in the second half of 2026 as flights to and from the Middle East resume and public transport tendering costs begin to moderate. Shares of CDG closed flat at S$1.30 on Monday. |
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