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ComfortDelGro
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SembCorp Industries
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danger
Supreme |
13-Nov-2020 13:31
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Attractive ride at -2SD historical mean. Trading at 1.2x PB (-2SD of historical mean) as ROE jumps to ~9% (FY21F), ComfortDelgro&rsquo s (CD) current price seems unjustified. Investors should look beyond FY20F. Reiterate BUY. Consolidation of P2P industry. We are looking at smaller private rental car fleet providers exiting the market, bringing a balance to the point-to-point (P2P) supply-demand dynamics. Phase 3 re-opening could be another trigger. Tracking mobility data, people are now moving about more. With sustained low infection rates, a Phase 3 re-opening could be a near term catalyst. Our TP is raised to S$ 1.96 as we revise our valuation peg to 1.6x FY21F P/BV, which is -1 S.D. of its historical average, on expectations of ROE jumping to c.9% in FY21F, after a dismal FY20F. The counter is trading below 1.2x P/BV, or -2 S.D. of its average |
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danger
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13-Nov-2020 13:30
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Wah leow conman you caused the thread to be lock again ah !!!?? CDG LAI LIAO !!! DBS TARGET $1.98 |
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