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Latest Forum Topics / ComfortDelGro    Last:1.29    -0.01  Post Reply
M1
Conman
Elite
11-Nov-2021 13:27     
 
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 Alert Admin 		This DBS 'analyst' is a clown. The only thing he knows is buy buy buy. People who listened to him all this while must have
already lost their underwear 😤

Starship      ( Date: 11-Nov-2021 09:54) Posted:

DBS Group Research 
11 Nov 2021

ComfortDelGro (CD SP) &ndash BUY
< News First Take> CDG Australia IPO halted Focus shifts back to domestic re-openings
Price Target (12-mth):  S$2.06, Upside  28.0%

-- ComfortDelGro (CDG) has halted their Australian IPO citing a change in the environment and other strategic options presenting themselves
-- While this news is disappointing for the stock in the short term, nevertheless, we still see CDG share price will re-rate as performance will
continue to see improvement on given the domestic re-openings in Singapore and Australia
-- We currently have a BUY call with a TP of S$2.06 TP is under review pending analyst call tomorrow

What&rsquo s New

Unfortunately, ComfortDelGro has halted their Australian IPO citing a change in the environment.  The Group did not provide details but mentioned that &ldquo IPO conditions in Australia have become more challenging&rdquo with &ldquo other strategic options&rdquo presenting themselves. 

Our View

Two potential reasons for halt in IPO.  While detailed reasons on the halt in IPO was not provided, we see two possible reasons behind the move. First, CDG Australia may not have been able to attain an acceptable valuation. We note that, Sealink Travel Group, an Australian transport operator, had seen its stock fall c.15% in October although our estimated valuation of CDG&rsquo s Australia subsidiary was based off this lower price and thus should not result in a major de-rating in our view. 

Secondly, it may also be possible that other more attractive options have become available, such as a merger, sale of strategic stake, or further scaling up of the Australia business before spinning off. 

Spotlight reverts to re-opening of the economy.  While the halt in the CDG Australian listing is undoubtedly disappointing news in the short-term, CDG&rsquo s Australia business remains of substantial value and will continue to contribute positively to CDG&rsquo s overall profits. With the spin-off of the Australian business off the table in the near future, the focus shifts back to CDG&rsquo s operations in Singapore and the UK, where we believe the Group will benefit from the re-opening of the domestic (and even tourism) sectors in the coming months.

We currently have a BUY call on ComfortDelGro with a TP of S$2.06 predicated on the listing of CDG Australia. Our TP is under review pending an analyst call tomorrow.
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Entropy72
Master
11-Nov-2021 12:36     
 
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 Alert Admin 		See what the board says at analyst call tmr.  This flip-flop on the Australian IPO embarrases the board and management unnecessarily. Distracts from the recovery prospects of the core public transport ops at overseas and Singapore.

Starship      ( Date: 11-Nov-2021 09:54) Posted:

DBS Group Research 
11 Nov 2021

ComfortDelGro (CD SP) &ndash BUY
< News First Take> CDG Australia IPO halted Focus shifts back to domestic re-openings
Price Target (12-mth):  S$2.06, Upside  28.0%

-- ComfortDelGro (CDG) has halted their Australian IPO citing a change in the environment and other strategic options presenting themselves
-- While this news is disappointing for the stock in the short term, nevertheless, we still see CDG share price will re-rate as performance will
continue to see improvement on given the domestic re-openings in Singapore and Australia
-- We currently have a BUY call with a TP of S$2.06 TP is under review pending analyst call tomorrow

What&rsquo s New

Unfortunately, ComfortDelGro has halted their Australian IPO citing a change in the environment.  The Group did not provide details but mentioned that &ldquo IPO conditions in Australia have become more challenging&rdquo with &ldquo other strategic options&rdquo presenting themselves. 

Our View

Two potential reasons for halt in IPO.  While detailed reasons on the halt in IPO was not provided, we see two possible reasons behind the move. First, CDG Australia may not have been able to attain an acceptable valuation. We note that, Sealink Travel Group, an Australian transport operator, had seen its stock fall c.15% in October although our estimated valuation of CDG&rsquo s Australia subsidiary was based off this lower price and thus should not result in a major de-rating in our view. 

Secondly, it may also be possible that other more attractive options have become available, such as a merger, sale of strategic stake, or further scaling up of the Australia business before spinning off. 

Spotlight reverts to re-opening of the economy.  While the halt in the CDG Australian listing is undoubtedly disappointing news in the short-term, CDG&rsquo s Australia business remains of substantial value and will continue to contribute positively to CDG&rsquo s overall profits. With the spin-off of the Australian business off the table in the near future, the focus shifts back to CDG&rsquo s operations in Singapore and the UK, where we believe the Group will benefit from the re-opening of the domestic (and even tourism) sectors in the coming months.

We currently have a BUY call on ComfortDelGro with a TP of S$2.06 predicated on the listing of CDG Australia. Our TP is under review pending an analyst call tomorrow.
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Starship
Supreme
11-Nov-2021 12:35     
 
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 Alert Admin

ringo88      ( Date: 11-Nov-2021 11:22) Posted:

Taxi > zombie > fish > hum > hum chim pang 🤣 🤣 🤣

ringo88      ( Date: 01-Nov-2021 10:02) Posted:

From taxi > zombie > fish > hum

And you say never move much? 😉
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ringo88
Senior
11-Nov-2021 11:22     
 
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 Alert Admin 		Taxi > zombie > fish > hum > hum chim pang 🤣 🤣 🤣

ringo88      ( Date: 01-Nov-2021 10:02) Posted:

From taxi > zombie > fish > hum

And you say never move much? 😉

TigerPlay      ( Date: 01-Nov-2021 09:27) Posted:

This counter is a Hum not a fish, Hum dun move much lor !!!  wink
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weekaykee
Master
11-Nov-2021 10:13     
 
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 Alert Admin 		Good entry point now. It did not react very postively to the news of the IPO in first place and likewise no reason for a selldown now. Some analysts were even saying that the IPO could be negative for CDG if not done on the correct terms. 
They should try listing in the US market. Even though it is an unexciting industry but in US every other small stock gets valued at billions overnight.

Superwhite      ( Date: 11-Nov-2021 10:03) Posted:

Hum Chim Pang it is!!! Those that kena sucked in during the chiong chiong to 1.65... have to be really patient to sit on this or to average down the cost. Good opportunity actually for this current 11.11 sale

ringo88      ( Date: 10-Nov-2021 18:59) Posted:

🤣 🤣 🤣 wahahaha.. hum chim pan
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kiseki_2818
Master
11-Nov-2021 10:04     
 
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 Alert Admin 		good swing. swing swing  $$$$ come come. winkwink

Joelton      ( Date: 11-Nov-2021 09:51) Posted:

ComfortDelGro ditches IPO plans for Australian unit
 
TRANSPORT OPERATOR ComfortDelGro ComfortDelGro: C52 -0.62% is no longer pursuing an initial public offering (IPO) for its wholly-owned Australian subsidiary ComfortDelGro Corporation Australia on the Australian Stock Exchange.
 
In a filing on Wednesday (Nov 10) after market close, the company said that IPO conditions in Australia have become more challenging since August, when the group announced that it was considering listing ComfortDelGro Australia.
 
The company added that " other strategic options" have emerged it did not elaborate.
 
The boards of directors of both ComfortDelGro and ComfortDelGro Australia, with the advice of joint lead managers Credit Suisse (Australia) and UBS Australia, have thus mutually agreed not to further pursue the IPO at this time, after taking into account the " market conditions as well as current strategic priorities" .
 
Earlier in August, when ComfortDelGro first sounded this IPO plan, the group said this move would unlock the value of its land-transport business assets in Australia. Back then, Australia was also the group' s single largest overseas investment destination, with a total investment of S$1.17 billion.
 
ComfortDelGro Australia operates a total fleet of over 4,400 vehicles across Australia, making it one of the largest privately owned bus operators there.
 
CGS-CIMB analysts estimated then that the listing could boost the price of ComfortDelGro' s Singapore-listed stock to between S$1.83 and S$2.15. The analysts added that Australia was the best-performing overseas location for the group during the Covid-19 pandemic in 2020. 
 
To be sure, Australia was a growing market for ComfortDelGro and the company' s financial statements reflected this. Australia contributed 13.2 per cent of the group' s revenue and 14.6 per cent of its operating profit in 2018. In the first half of FY2021, Australia contributed 20.3 per cent of its revenue and 28.2 per cent of its operating profit.
 
Analysts had been positive on the IPO as they saw the potential for a special dividend for shareholders, as well as a re-rating of ComfortDelGro' s shares.
 
As far as the withdrawal of the IPO goes, ComfortDelGro said there will be no material impact on the operations of the group and ComfortDelGro Australia. The withdrawal is also not expected to have a material impact on the net tangible assets and earnings per share of the company and the group for the fiscal year ending December.
 
Lim Jit Poh, chairman of ComfortDelGro, said: " We had initially planned to list ComfortDelGro Australia by the end of the year, subject to prevailing market conditions. The environment has changed somewhat since then, so we are not proceeding with our IPO plans at this time.
 
" The intent is still to enhance the value of our Australian assets, and we will carefully evaluate all strategic alternatives."
 
ComfortDelGro said it will continue to focus on growing the business through mergers and acquisitions, contract renewals and new contract tenders.
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Superwhite
Senior
11-Nov-2021 10:03     
 
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Yells: "Super White lah"
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 Alert Admin 		Hum Chim Pang it is!!! Those that kena sucked in during the chiong chiong to 1.65... have to be really patient to sit on this or to average down the cost. Good opportunity actually for this current 11.11 sale

ringo88      ( Date: 10-Nov-2021 18:59) Posted:

🤣 🤣 🤣 wahahaha.. hum chim pang

Superwhite      ( Date: 10-Nov-2021 18:18) Posted:

https://www.straitstimes.com/singapore/transport/comfortdelgro-calls-off-plans-to-float-aussie-unit Lolol i wonder what kind of tune DBS is going to sing to now? Hum chim pang.
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Starship
Supreme
11-Nov-2021 09:54     
 
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 Alert Admin 		DBS Group Research 
11 Nov 2021

ComfortDelGro (CD SP) &ndash BUY
< News First Take> CDG Australia IPO halted Focus shifts back to domestic re-openings
Price Target (12-mth):  S$2.06, Upside  28.0%

-- ComfortDelGro (CDG) has halted their Australian IPO citing a change in the environment and other strategic options presenting themselves
-- While this news is disappointing for the stock in the short term, nevertheless, we still see CDG share price will re-rate as performance will
continue to see improvement on given the domestic re-openings in Singapore and Australia
-- We currently have a BUY call with a TP of S$2.06 TP is under review pending analyst call tomorrow

What&rsquo s New

Unfortunately, ComfortDelGro has halted their Australian IPO citing a change in the environment.  The Group did not provide details but mentioned that &ldquo IPO conditions in Australia have become more challenging&rdquo with &ldquo other strategic options&rdquo presenting themselves. 

Our View

Two potential reasons for halt in IPO.  While detailed reasons on the halt in IPO was not provided, we see two possible reasons behind the move. First, CDG Australia may not have been able to attain an acceptable valuation. We note that, Sealink Travel Group, an Australian transport operator, had seen its stock fall c.15% in October although our estimated valuation of CDG&rsquo s Australia subsidiary was based off this lower price and thus should not result in a major de-rating in our view. 

Secondly, it may also be possible that other more attractive options have become available, such as a merger, sale of strategic stake, or further scaling up of the Australia business before spinning off. 

Spotlight reverts to re-opening of the economy.  While the halt in the CDG Australian listing is undoubtedly disappointing news in the short-term, CDG&rsquo s Australia business remains of substantial value and will continue to contribute positively to CDG&rsquo s overall profits. With the spin-off of the Australian business off the table in the near future, the focus shifts back to CDG&rsquo s operations in Singapore and the UK, where we believe the Group will benefit from the re-opening of the domestic (and even tourism) sectors in the coming months.

We currently have a BUY call on ComfortDelGro with a TP of S$2.06 predicated on the listing of CDG Australia. Our TP is under review pending an analyst call tomorrow.
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Joelton
Supreme
11-Nov-2021 09:51     
 
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 Alert Admin
ComfortDelGro ditches IPO plans for Australian unit
 
TRANSPORT OPERATOR ComfortDelGro ComfortDelGro: C52 -0.62% is no longer pursuing an initial public offering (IPO) for its wholly-owned Australian subsidiary ComfortDelGro Corporation Australia on the Australian Stock Exchange.
 
In a filing on Wednesday (Nov 10) after market close, the company said that IPO conditions in Australia have become more challenging since August, when the group announced that it was considering listing ComfortDelGro Australia.
 
The company added that " other strategic options" have emerged it did not elaborate.
 
The boards of directors of both ComfortDelGro and ComfortDelGro Australia, with the advice of joint lead managers Credit Suisse (Australia) and UBS Australia, have thus mutually agreed not to further pursue the IPO at this time, after taking into account the " market conditions as well as current strategic priorities" .
 
Earlier in August, when ComfortDelGro first sounded this IPO plan, the group said this move would unlock the value of its land-transport business assets in Australia. Back then, Australia was also the group' s single largest overseas investment destination, with a total investment of S$1.17 billion.
 
ComfortDelGro Australia operates a total fleet of over 4,400 vehicles across Australia, making it one of the largest privately owned bus operators there.
 
CGS-CIMB analysts estimated then that the listing could boost the price of ComfortDelGro' s Singapore-listed stock to between S$1.83 and S$2.15. The analysts added that Australia was the best-performing overseas location for the group during the Covid-19 pandemic in 2020. 
 
To be sure, Australia was a growing market for ComfortDelGro and the company' s financial statements reflected this. Australia contributed 13.2 per cent of the group' s revenue and 14.6 per cent of its operating profit in 2018. In the first half of FY2021, Australia contributed 20.3 per cent of its revenue and 28.2 per cent of its operating profit.
 
Analysts had been positive on the IPO as they saw the potential for a special dividend for shareholders, as well as a re-rating of ComfortDelGro' s shares.
 
As far as the withdrawal of the IPO goes, ComfortDelGro said there will be no material impact on the operations of the group and ComfortDelGro Australia. The withdrawal is also not expected to have a material impact on the net tangible assets and earnings per share of the company and the group for the fiscal year ending December.
 
Lim Jit Poh, chairman of ComfortDelGro, said: " We had initially planned to list ComfortDelGro Australia by the end of the year, subject to prevailing market conditions. The environment has changed somewhat since then, so we are not proceeding with our IPO plans at this time.
 
" The intent is still to enhance the value of our Australian assets, and we will carefully evaluate all strategic alternatives."
 
ComfortDelGro said it will continue to focus on growing the business through mergers and acquisitions, contract renewals and new contract tenders.
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Ovywind
Veteran
11-Nov-2021 09:29     
 
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 Alert Admin 		taxi failed 😨  
Aus ipo drama closed 

ysh2006      ( Date: 11-Nov-2021 05:48) Posted:

Back to $1.52 level like last year beginning price.?
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ysh2006
Supreme
11-Nov-2021 05:48     
 
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 Alert Admin 		Back to $1.52 level like last year beginning price.?
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Conman
Elite
11-Nov-2021 02:14     
 
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 Alert Admin 		Would you invest in a business everyone knows is in a big decline?

In the post-Covid New Normal, less and less people will need to commute. The best time to list or sell a land transport business, whether in Australia or in Singapore or elsewhere, was before the Covid19 Pandemic and it is now over and
gone.

There is no meed to wait for 'a better time' if the Zoom Bee cant do it now because it simply will not come.

Entropy72      ( Date: 10-Nov-2021 23:36) Posted:

I agree with you a poor response to the IPO reflects badly on CDG Australia business when ASX is trading at a high. That is one possibility for canceling the IPO as the announcement did not clearly explain and only cited "market conditions".

The other possibility is that it is premature to list CDG Australia when there is good growth in next few years. Better to list it at higher valuations later. Again, we don't know for sure but definitely, the question to CDG board will arise from analysts or at AGM.

Conman      ( Date: 10-Nov-2021 22:48) Posted:

My stand is : With the entire world's stock market so heated up at this stage, if the response to this Zoom Bee's Australian IPO was poor, it only showed that even the Australians were not impressed by its business. It is like a hum with rotten meat inside.

The NZ business was propagated to be such a big achievement but it is in reality worth only $2.5m per year for 8 years only. Of course, you might see more businesses coming if it starts bidding for $1 profits all over the world
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Entropy72
Master
10-Nov-2021 23:36     
 
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 Alert Admin 		I agree with you a poor response to the IPO reflects badly on CDG Australia business when ASX is trading at a high. That is one possibility for canceling the IPO as the announcement did not clearly explain and only cited "market conditions".

The other possibility is that it is premature to list CDG Australia when there is good growth in next few years. Better to list it at higher valuations later. Again, we don't know for sure but definitely, the question to CDG board will arise from analysts or at AGM.

Conman      ( Date: 10-Nov-2021 22:48) Posted:

My stand is : With the entire world's stock market so heated up at this stage, if the response to this Zoom Bee's Australian IPO was poor, it only showed that even the Australians were not impressed by its business. It is like a hum with rotten meat inside.

The NZ business was propagated to be such a big achievement but it is in reality worth only $2.5m per year for 8 years only. Of course, you might see more businesses coming if it starts bidding for $1 profits all over the world.

Entropy72      ( Date: 10-Nov-2021 22:33) Posted:

I can ask you the same question, Conman. You were singing the merits of not spinning off CDG Australia.
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Conman
Elite
10-Nov-2021 22:48     
 
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 Alert Admin 		My stand is : With the entire world's stock market so heated up at this stage, if the response to this Zoom Bee's Australian IPO was poor, it only showed that even the Australians were not impressed by its business. It is like a hum with rotten meat inside.

The NZ business was propagated to be such a big achievement but it is in reality worth only $2.5m per year for 8 years only. Of course, you might see more businesses coming if it starts bidding for $1 profits all over the world.

Entropy72      ( Date: 10-Nov-2021 22:33) Posted:

I can ask you the same question, Conman. You were singing the merits of not spinning off CDG Australia.

Conman      ( Date: 10-Nov-2021 21:56) Posted:

So Guru, what is your stand now? Listing is good or no good? Either way is good meh?

If this Zoom Bee's Australian business is so good, why was the response to the IPO poor
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Entropy72
Master
10-Nov-2021 22:33     
 
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 Alert Admin 		I can ask you the same question, Conman. You were singing the merits of not spinning off CDG Australia.

Conman      ( Date: 10-Nov-2021 21:56) Posted:

So Guru, what is your stand now? Listing is good or no good? Either way is good meh?

If this Zoom Bee's Australian business is so good, why was the response to the IPO poor?

Entropy72      ( Date: 10-Nov-2021 21:20) Posted:

The ASX listing was announced on 16 Aug. CDG was trading at $1.67 then. The next day after announcement, price fell to $1.62.

Maybe price will go up tmr after cancellation of the ASX listing 😁
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Conman
Elite
10-Nov-2021 21:56     
 
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 Alert Admin 		So Guru, what is your stand now? Listing is good or no good? Either way is good meh?

If this Zoom Bee's Australian business is so good, why was the response to the IPO poor?

Entropy72      ( Date: 10-Nov-2021 21:20) Posted:

The ASX listing was announced on 16 Aug. CDG was trading at $1.67 then. The next day after announcement, price fell to $1.62.

Maybe price will go up tmr after cancellation of the ASX listing 😁

nott1965      ( Date: 10-Nov-2021 21:13) Posted:

cdg had tanked since covid started. Not sure what is tanked now? CDG can only fly when Singapore' s borders are open. IPO in australia is only the desser
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Entropy72
Master
10-Nov-2021 21:20     
 
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 Alert Admin 		The ASX listing was announced on 16 Aug. CDG was trading at $1.67 then. The next day after announcement, price fell to $1.62.

Maybe price will go up tmr after cancellation of the ASX listing 😁

nott1965      ( Date: 10-Nov-2021 21:13) Posted:

cdg had tanked since covid started. Not sure what is tanked now? CDG can only fly when Singapore' s borders are open. IPO in australia is only the dessert

lukewong82      ( Date: 10-Nov-2021 18:52) Posted:



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nott1965
Veteran
10-Nov-2021 21:13     
 
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 Alert Admin 		cdg had tanked since covid started. Not sure what is tanked now? CDG can only fly when Singapore' s borders are open. IPO in australia is only the dessert

lukewong82      ( Date: 10-Nov-2021 18:52) Posted:


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Entropy72
Master
10-Nov-2021 21:02     
 
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 Alert Admin 		Indicative IPO response probably not good, hence shelving the listing. Or board had change of mind and decided to retain the fast growing Australia/NZ business under CDG core business. Either way, it looks bad on CDG board.

A quarterly update is due this week. Outlook is favorable with VTLs increasing in countries and daily quotas, plus likely resumption of on-site work by Dec. Wait for MTF announcement as soon as this Friday or next Friday.

lukewong82      ( Date: 10-Nov-2021 18:52) Posted:


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Entropy72
Master
10-Nov-2021 20:51     
 
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 Alert Admin 		Shortlist announced for key Sydney Metro airport line project

Three organisations have been shortlisted to deliver key construction work on the Sydney Metro to Western Sydney Airport project.

The successful tenderer will build six new metro stations and elements of the surrounding precincts, the stabling and maintenance facility, provide rail infrastructure and systems required for the supply, commission and operations of the new trains and also run the Sydney Metro to Western Sydney Airport line when operational.

The stations, systems, trains, operations and maintenance (SSTOM) package is the third major contract package to be procured for the project. The organisations shortlisted to tender for the SSTOM package are:

Bradfield Metro, comprising John Laing Limited, Keolis Downer Pty Ltd, FCC Construction Australia Pty Ltd and Hitachi Rail STS Australia Pty Ltd.

Parklife Metro, comprising Plenary Origination Pty Ltd, Webuild SpA, RATP Developpement SA, Siemens Mobility Pty Ltd, Siemens Mobility GmbH, Siemens Project Ventures GmbH and Siemens Mobility Austria GmbH.

WestGo, comprising Pacific Partnerships Pty Ltd, Acciona Concesiones, S.L., DIF Management Australia Pty Ltd, CPB Contractors Pty Limited, Acciona Construction Australia Pty Ltd, UGL Engineering Pty Ltd, ComfortDelGro Transit Pte. Ltd, UGL Rail Services Pty Ltd and Coleman Rail Pty Ltd.

The Sydney Metro to Western Sydney Airport project will support 14,000 construction jobs, including 250 apprentices and the contract is expected to be awarded at the end of 2022. The line will service Greater Western Sydney and the new Western Sydney International (Nancy-Bird Walton) Airport.

The Australian and NSW governments are jointly delivering the 23-kilometre metro railway and six stations between St Marys and the Western Sydney Aerotropolis, including two stations at the airport, with a shared objective of having Sydney Metro ? Western Sydney Airport operational when Western Sydney International airport opens for passenger services.

Ben Loomes, CEO of John Laing Group and a member of the Bradfield Metro Consortium bidding for the contract, said: ?As an investor in PPP assets in Australia, John Laing is well placed as part of the Bradfield Metro Consortium to support the delivery of the Sydney Metro to Western Sydney Airport line, an important project for Greater Western Sydney and integral to the development of Western Parkland City. Since 2011, John Laing has invested more than A$1billion of equity in projects in Australia, including the Sydney Light Rail, Melbourne Metro Tunnel and Stations and Queensland?s New Generation Rollingstock.?
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