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COMFORT DELGRO - MOVING FORWARD
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rocketman
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31-Aug-2021 12:40
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Conman Bro. what is your opinion of Crpytocurrencies.. Smile Widely as usual...
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Conman
Elite |
31-Aug-2021 11:59
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Dow had peaked. For the next few years, it is going to suffer from ED like that 88 year old ConBao. It might hold at the current level for a while for the big funds' 'analysts' to talk the Robinhoods into buying their potatos.
The next crisis, financial or political or otherwise, will send the US and the whole world into a bear market.
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beng1102
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31-Aug-2021 11:05
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This share is now in a slow but long way up.
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Starship
Supreme |
31-Aug-2021 11:01
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Conman
Elite |
31-Aug-2021 10:55
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We only look at the SMM example to understand what the IPO would mean to the share holders in Singapore if a special dividend is not given to them.. SMM's rights are given to ALL shareholders but if if uncles like Gen Tan has no money to subscribe to the new shares, Temasek the big fish will eat all. That price is likely going to be the bottom. | ||||
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rocketman
Master |
31-Aug-2021 10:35
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Conman Bro, what is your opinion on the Dow index hitting All Time high of above 35,000? Smile Widely as usual... | ||||
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kiseki_2818
Master |
31-Aug-2021 10:24
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shake head..20ct green green face still hiding in the room and looking at the small green mirror. the story is uncles and aunties only wait and relax. wait for bbs to pump up to take profit and wait for conman to con others & bbs to pump down to replenish a bit stocks on the way, then take profit gain. sound like conman still think uncles and aunties anyhow chase. no wonder the 20ct green green face get " greener and greener" ...and a bit dark. morning whole markets try to do a push down, then later (if no other bad news) scoop back a bit. so trade with happiness and trade with a big big smile. have fun.
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Conman
Elite |
31-Aug-2021 10:24
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You wrote this Bro Joelton? | ||||
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Joelton
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31-Aug-2021 10:15
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ComfortDelGro' s Australian IPO could go both ways for shareholders
COMFORTDELGRO Corporation is pursuing an initial public offering of shares in its wholly owned Australian land transport subsidiary, in a move it hopes will unlock the value of its business assets Down Under. The listing of this unit on the Australian Securities Exchange could go two ways for shareholders of the group.
ComfortDelGro Corp Australia, the entity to be floated, operates a total fleet of over 4,400 vehicles in New South Wales, Victoria, Western Australia, Canberra, the Northern Territory and Queensland - making it one of the largest privately owned bus operators there.
The terms and structure of the listing are subject to prevailing market conditions and approvals, but CGS-CIMB analysts have estimated that the listing could boost the price of ComfortDelGro' s Singapore-listed stock to between S$1.83 and S$2.15.
The counter closed S$1.64 on Monday, one Singapore cent higher.
Since venturing into Australia 16 years ago, ComfortDelGro has invested S$1.17 billion there. Australia is the group' s single largest overseas investment destination.
After announcing in May that it was seeking to unlock value at its Australian business, ComfortDelGro has actually gone on to make another acquisition in July to expand its bus operations in Queensland.
The investments in Australia have paid off handsomely for the group. Profit contributions from Australia have risen steadily over the years.
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.
CGS-CIMB analysts noted that Australia was the best performing overseas location for the group in 2020, despite the pandemic and bushfires.
And although revenue contributions from Australia have been smaller than contributions from ComfortDelGro' s United Kingdom and Ireland businesses, operating profit from Australia has been larger in recent years.
A spin-off would, therefore, reduce ComfortDelGro' s holding in what some might consider a gem of a business.
While shareholders might profit in the short-term if an IPO results in the return of some cash via a special dividend - a purely speculative possibility at this point - the real benefit would come from a re-rating of ComfortDelGro' s shares.
The rise of ride-hailing providers such as Uber and Grab has had a negative effect on ComfortDelGro. The counter had traded above S$3 in 2015 and 2016, but has struggled to reach such heights since.
During those better days, ComfortDelGro was valued at over 20 times forward earnings. Currently, Bloomberg shows the shares trading at 15.8 times estimated earnings on a blended and adjusted 12-month basis.
Some might argue that is already a rich valuation. Among transit operators, few command comparable valuations. London-listed FirstGroup, which has bus and rail operations in the UK and United States, does trade at about 20 times forward earnings. But others, such as The Go-Ahead Group and National Express Group, have either comparable or lower valuations.
But ComfortDelGro is also one of only a few transit operators globally that is currently profitable. Also, the company is investing in new technologies including electric vehicles. It has regrouped its private transport and lifestyle businesses into one division, as it believes that would allow for a more focused approach in the development of novel and sustainable mobility solutions using digital technology and clean energy.
Should the company be accorded a premium for its efforts?
These investments will take time to generate enough returns to offset the sizeable reduction in earnings contribution from Australia post-flotation.
Meanwhile, it has recently secured a S$1.13 billion contract to operate rail services in Auckland, marking its maiden venture into New Zealand. But its cab business here is still in the doldrums, no thanks to continued pressure from ride-hailing rivals and the pandemic.
How much investors cheer the listing in Australia will come down to their patience and the valuation of the Australian unit.
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Conman
Elite |
31-Aug-2021 09:57
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Bro, you must remember that you are playing this dinosaur with the BBs. It is a zero sum game. The last few days, with the lousy NZ $2.5m win, the BBs pumped from 1.61 to 1.66 and the uncles chased while they sold. This morning they held up the price to continue selling to the uncles like you. Once they let go, police will storm in and you will have no time to put tour underwear back.
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rocketman
Master |
31-Aug-2021 09:45
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Conman Bro.. Where is the massive drop you are projecting. I wait until my hair white already.. Still holding strong leh.. | ||||
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Conman
Elite |
31-Aug-2021 05:14
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Politically, gig workers or rather self-employed are very hard to control. They dont rely on gov policy support for a living, have nothing in their CPF account, and owe nothing to the gov of the day. Because they rely on working long hours or even multiple 'jobs' to survive, they have no leisure, very little 'quality family life' and feel being left out. It is very hard for people in aurhority to sway their politcal thinking or rally their support. More likely is that they are full of resentment. Any policy deemed by them as unfair to them will add to their anger. There are many tell-tale signs of this. The gov is not stupid and is acting now -- before it is too late. | ||||
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PhillipTan
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31-Aug-2021 05:04
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Seek out these winning Singapore stocks as earnings recoverAfter quarters of being buffeted by the pandemic, the earnings recovery trend is normalising in the Singapore market, say DBS Group Research analysts Yeo Kee Yan, Janice Chua and Woon Bing Yong." The positive earnings revision trend in 4QFY2020 and 1QFY2021 has halted. 2QFY2021 saw a -2.9% q-o-q earnings cut for FY2021F and flat for FY2022F for stocks under our coverage as the reintroduction of Covid-19 restrictions dealt a blow to stocks which would have benefited from reopening," note the analysts in an Aug 27 note. The trajectory of Singapore' s y-o-y GDP recovery is likely to peak at 14.7% y-o-y growth in 2QFY2021 and should normalise going forward, say DBS Group Research. " Our economist' s long-held 6.3% y-o-y GDP growth for 2021 remains intact, but this also implies 2HFY2021 growth recovery will be slower than 1HFY2021 due to slower manufacturing growth momentum, a manpower crunch for foreign labour-dependent sectors like construction and a continued drag on tourism-related sectors," say the analysts. Likewise, the STI' s sideways trend since April should continue in the weeks or months ahead, amid the normalising earnings recovery trend and developing uncertainties, they add. AEM, City Developments, ComfortDelgro, SingTel and Suntec REIT have either underperformed or market perform year-to-date. " We expect prices to turn the corner as the outlook improves and stock prices retreat to a valuation trough," says DBS Group Research. The analysts highlight the following stocks: - AEM' s operations will ramp up from September the stock trades at a 33% discount to peers. - CityDev will ride on the strong Singapore residential market and hospitality recovery as the worst of Sincere' s uncertainties have passed. - ComfortDelgro and Suntec REIT are beneficiaries of Singapore' s move towards the Covid-19 endemic. - SingTel' s operations in Singapore and Australia as well as subsidiary Bharti are all turning up. The DBS Group Research analysts maintain a preference for domestic over international-border reopening beneficiaries as Singapore begins its calibrated shift towards an endemic state. " ComfortDeglro is our top pick, as the most consistent beneficiary of every easing of restrictions. This is followed by Suntec REIT and then Mapletree Commercial Trust (MCT), Starhill Global, and Koufu," they note. The recovery of travel/aviation stocks that hinges on the reopening of air borders remains more uncertain despite the introduction of vaccinated travel lanes (VTLs), say the analysts. " Compared to domestic reopening, we think it' ll take longer before travel/aviation stocks recover to pre-Covid price levels." |
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PhillipTan
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31-Aug-2021 04:54
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Analysts keep ' buy' on ComfortDelGro following Auckland rail services contractAnalysts from CGS-CIMB Research and RHB Group Research have maintained their " buy" calls on ComfortDelGro after the transport operator announced that its joint venture (JV) secured a $1.13 billion contract to operate rail services in Auckland, New Zealand.While CGS-CIMB' s target price remains unchanged at $1.80, RHB has upped its target price to $2.03 from $2 previously. The new target price from RHB implies 18 times FY2022 price-to-earnings (P/E), and 1 standard deviation (s.d.) above its 10-year average. To RHB analyst Shekhar Jaiswal, the contribution from Auckland is a small one but it is a maiden business in a new market. " The service contract is based on a gross cost model, where the revenue risk sits with the transport authority. The JV will not have to bear any infrastructure-related costs, although in addition to assuming the responsibility for passenger train operations, it will be responsible for the maintenance of the rolling stock from 2025," he notes in an Aug 30 report. " Given the low risk model, we assess that the business will generate low single digit EBIT margins." To this end, Jaiswal expects to see ComfortDelGro benefitting from the reopening of Singapore' s economy, with improvement in the group' s operating metrics for its public transport and taxi businesses. " If successful, we believe there is scope for extending current plans of opening Singapore' s international travel from selected countries to more nations. Higher inflow of international travellers is expected in 2022, which will be positive for Singapore' s land transport sector, especially the train and taxi businesses, which are ComfortDelGro' s mainstay in Singapore," he says. In addition, Jaiswal estimates that the group' s overseas businesses in the UK and Australia will see visible recovery in its earnings for the 2HFY2021 ending December. The UK has relaxed its restrictions while earnings from Australia have already reverted to pre-Covid-19 levels. " While the timing remains uncertain, favourable changes to the Downtown Line' s financing framework could bring about a material upside risk to earnings. IPO of its business in Australia could also be a re-rating catalyst," observes Jaiswal. To him, his new target price seems " reasonable" in view of the expected earnings recovery and re-rating catalysts. CGS-CIMB analysts Ong Khang Chuen and Darren Ong view that the worst is now over for ComfortDelGro with the reopening of the economy in Singapore. Their unchanged target price is based on 16.8 times 2022 P/E, or 0.5 s.d. above the group' s five-year historical average. Like Jaiswal, the analysts from CGS-CIMB view the tender win as positive albeit with limited accretion for its earnings per share (EPS). Nevertheless, the win marks ComfortDelGro' s " successful entrance" into another country. " A good working relationship with UGL Rail could also open up possibility for further collaborations," say the CGS-CIMB analysts. " Assuming the contract revenue is recognized equally over the service period, and the contract runs at operating profit margin (OPM) of between 5%-8%, we estimate ComfortDelGro' s profit share from the JV could amount to $2.5 million to $4.1 million annually. This implies some 1.1%-1.8% EPS accretion for FY2022," they add. Shares in ComfortDelGro closed 1 cent higher or 0.61% up at $1.64, with an FY2021 P/B of 1.3 times and a dividend yield of 2.7%, according to RHB' s estimates. |
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Entropy72
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30-Aug-2021 23:22
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Singapore eyes gig worker welfare in wake-up call for ASEAN startupsPM Lee ' especially concerned' about lack of security for delivery drivers SINGAPORE -- Delivery drivers and other " gig economy" workers have emerged as essential in the pandemic. Now, Singapore aims to offer them more support, with Prime Minister Lee Hsien Loong singling out their " employee-like relationships" with online platforms that offer little security. In a National Day Rally speech on Sunday evening, Lee said he was " especially concerned" about delivery workers, as his government aims to address the struggles of low-wage earners in general. " They work with online platforms like Foodpanda, Grab or Deliveroo," he said. " They are a familiar sight, especially during COVID-19, delivering our orders day and night. It is hard work, and most earn modest incomes." Lee also announced that Singapore had reached an 80% full vaccination rate, paving the way for a further gradual reopening. But with the gig economy well-entrenched and still expected to grow, the prime minister said the Ministry of Manpower is " studying" how to create better working conditions, including through consultations. While he did not say what measures are in store, the outcome could affect some of the biggest names on Southeast Asia' s startup scene, which have grown rapidly on the backs of such workers. In Singapore, three platforms dominate the food delivery sector. Homegrown Grab and Foodpanda accounted for 42% and 34% of the market last year, respectively, while Deliveroo of the U.K. had a 24% slice, according to research by Singaporean consultancy Momentum Works. Thousands of people are estimated to be working as " partners" -- not employees -- of these companies. Operators are also expanding grocery delivery services, in which drivers pick up items from supermarkets or convenience stores and drop them off. As the sector has expanded, it has been absorbing many workers who were displaced or suffered pay cuts due to the pandemic. Manpower Ministry statistics show 228,200 people were engaging in " own account work" -- which may include other types of freelancing -- in 2020, up 8% from 211,000 a year earlier. Among them, people engaged in such work for " non-preferred" reasons increased 74% over the year. " More people are taking up this type of work, so this problem is growing," Lee said. " We must address the issues to give these workers more secure futures." To hammer home his point, the prime minister showed a video clip filmed by a college student, which depicted a delivery worker' s misery. The driver was pressured to complete 30 deliveries to get a bonus, but only managed to finish 29. " Delivery workers are for all intents and purposes just like employees," Lee said. " The online platforms set the price of their product. They determine which jobs are assigned to which workers. They manage how the workers perform, including imposing penalties and suspensions." But without employment contracts, delivery workers " lack the basic job protections that most employees enjoy." Asked to comment on Lee' s remarks, a Grab representative told Nikkei Asia the company is " supportive" of the government' s move and " looks forward to further discussions." The representative added that it has offered a variety of programs for its gig workers, such as additional income support for those serving quarantine orders or hospitalized due to COVID-19. The spokesperson emphasized that gig workers " enjoy many flexibilities that employees do not have," saying they are free to move between platforms or stop work anytime. " Therefore, a coordinated approach with common standards across the industry could help ensure that they receive similar protections even if they move between companies." Likewise, a Foodpanda spokesperson said that the welfare of its delivery workers is " always important" and that it invests heavily in support programs, such as subsidized insurance. " The reality is the bulk of our riders are transient and are on the platform for a brief period of time as a supplemental gig -- that' s the uniqueness of the gig economy, the flexibility and freedom for riders to choose what works for them is a key consideration for their joining," the spokesperson said. " Foodpanda is committed to ensuring the platform is inclusive and accessible for all riders' needs."  Singapore' s Prime Minister Lee Hsien Loong: He says the city-state has a responsibility to give gig workers " more secure futures." © ReutersLee is not the first to highlight the strain on gig workers. From Association of Southeast Asian Nations members to South Korea and China, a tech underclasshas emerged amid the COVID-19 crisis. In some jurisdictions in the West, platforms are now required to treat drivers as employees rather than independent contractors, which entails higher labor costs. Yet in Southeast Asia, while platforms do provide some training and welfare programs, the companies have largely avoided treating their gig workers as employees. Like Grab and Foodpanda, some operators note that workers themselves prefer their flexible arrangements. Arguably, in some emerging economies, the platforms have also provided better jobs and higher incomes to informal-sector workers. But with Lee raising the issue in one of his highest-profile appearances of the year, industry players will be closely watching Singapore' s next moves. Eugene Tan, associate professor at Singapore Management University, said the government' s " approach would likely be to mandate that the online platforms provide basic job protection that most employees have enjoyed, such as workplace injury compensation, union representation, medical benefits and employer provident fund contributions." Consumers may also face spillover effects, potentially in the form of higher prices. Lee called on consumers to support broader efforts to help the country' s low-wage earners. " All of us, as consumers, must also chip in," he said. " It will not only enable the workers to keep their jobs at higher pay. It will also show that as a society, we value their work and contributions, and that they are part of us." For Singapore, reducing the stresses on low-wage workers would go hand in hand with the government' s efforts to foster an image of an open, fair society. Tan pointed out that Singapore' s minority groups are " overrepresented" among such workers. " The hopes and aspirations of an egalitarian society necessitate looking out for delivery workers so as to ensure that they and their families are not left behind," Tan said. " This importance of respecting and recognizing the dignity of work and a decent wage for workers, especially the ' front-liners,' is crucial for the well-being of society and the performance legitimacy of the ruling party." |
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Conman
Elite |
30-Aug-2021 21:01
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Oops! Should be 2xxx! Got the year wrong!
Every beginning of the school year when I see parents waiting outside Primary schools anxiously for their Primary One children, I always wonder whether their children will become PHV drivers or Grab Food Deliverymen 16 years later.
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Entropy72
Master |
30-Aug-2021 18:39
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1985 recession ... No!! 
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Conman
Elite |
30-Aug-2021 18:23
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Okie Okie I have heard you all guys. Noted that many of your children and grandchildren have landed up as driving specialists and food delivery experts, that you and especially that Conman and his wife are only earning $800 a month as toilet cleaners, that there are far more talents from one country here living in high class private estates in the East than before so much so that these estates have changed colour, that you all feel hopeless, angry, and dont know what.
Dont worry, because human is our only resource, and because we have two top ranking universities here, let us turn the clock back to 1985, and we will right all wrong! Just remember, be loyal. Fight with your life for Singapore! Stand up for Singapore! And last but not least...vote wisely!!! 😎 |
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Entropy72
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30-Aug-2021 16:51
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Since our founding, Singapore has always been pro-business so that we can attract investments and create jobs. In the early days, most families were low or middle income earners. High income earners were a small minority and most Singaporeans did not compare with these high income earners - they were happy with their own economic progression. However, the economic stratification of our society is increasing obvious with many high income earners and also many low income earners. It is easy to compare what we don' t have with what others have (be it rental seeking or owning luxurious goods / lifestyle). If nothing is done about this, it is easy to see that anger will simmer among the lower income as they find themselves short changed in life with little hope of catching up with the Jones. This will fermen social unrest and create problems for Singapore, risking political unstability and scaring away investors. Remember whether you are a CEO or a cleaner, you have 1 vote every 4 years. We must take care of those less privileged, for their sake as well as our own. |
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iJon9123
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30-Aug-2021 16:46
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Those who excel in education may fall. There are people who did badly in education move on to be successful in life. I have friends who have honors or master degree but end up driving taxi due to various reasons. And nothing wrong to be a driver and nothing wrong to give them the basic protection rights which IMO, they deserve to be protected. They are putting in their effort to earn a decent living. Most of them struggle in this hard times. So i applaud the government to start exploring how to protect them, Quite surprised by your caste centric post, Perhaps you should shape up your post or ship out.
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