ComfortDelGro    Last:1.29   -

COMFORT DELGRO - MOVING FORWARD

I dont know how to drive Grab but I know a little bit more than you about it because my eyes are always observing and my brain always thinking.

The imending Grab-GoJek merger and the new digibanking licence Grab and Sing Tell got are definitely negagative for CDG. Its so-called booking app will become a white elephant and used only by 0.1% of the riders.

Grab or GoJek or Tada or Ryde do not have their own drivers. The drivers are called PHD collectively and are free to take any PHV booking.

The merger will make the Grab app the preferred app of Singapore. And by end-2021, you probably can use the same app to apply for a loan or redeem your HP reward points to book a ride or order your wan tan mee.

For the drivers, if they turn on their Grab app, bookings will shoot out from their HPs like machine guns firing. They will brag a $500 earning a day in their forum.

Now you already see CDG taxis queuing long long at the malls. No calls from their app because you only use the Grab or GoJek app. Next year, the drivers will not even bother to wait for calls. You either find them queuing at Geylang Serai or Tekka market ...before retiring within just a few more years!

justicebaogaliao      ( Date: 08-Dec-2020 12:22) Posted: Conman knows nothing about Grab or CDG business.. he is out to confuse and short and confuse and short  Entropy72      ( Date: 08-Dec-2020 09:27) Posted: Good news for CDG! Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business.

 

I am not disappoited, but I am thankful to this analyst who gave me to talk negative again.

HDT Taxis only had 90 drivers. How are we going force these 90 retrenched drivers join CDG is a big problem. My guess is rather, 30 of them will find another job. 50 will drive Grab, 10 will drive taxis. Of the 10 who drive taxis, only one will join CDG. The other 9 will drive non-CDG taxis because they are cheaper by $20 a day.

This was exactly why when SMRT Taxis wanted to sell, no one wanted to buy. At the end, Temasek bought it.

The pair of legs belong to the taxi drivers. How to make them walk to CDG to rent taxis?

Ater lunch I will talk about how the Grab-Gojek merger is 'good' or not good for CDG. Dont go away!

Entropy72      ( Date: 08-Dec-2020 09:27) Posted: Good news for CDG! Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business. Joelton      ( Date: 08-Dec-2020 09:21) Posted: RHB raises its target price for ComfortDelGro, citing easing competition HDT Singapore' s closure, expected Grab-Gojek merger may reduce competitive intensity   RHB has maintained its " buy" recommendation for ComfortDelGro, while raising its target price on the transport behemoth to S$1.90, up from S$1.70 previously.   This comes amid " lower competitive intensity for its taxi business" , analyst Shekhar Jaiswal wrote in a research note on Monday.   ComfortDelGro shares closed at S$1.66 on Monday, up two cents or 1.22 per cent.   Just last week, HDT Singapore announced that it is pulling the plug on its electric-taxi business in the Republic, as the company has suffered a " prolonged, debilitating impact" with the novel coronavirus outbreak.   Recent news reports also suggest that Grab and Gojek have made substantial progress in working out a deal to combine their businesses, RHB noted.   " This merger, if confirmed, should reduce the competitive intensity in Singapore' s taxi and private-hire car landscape, which has already witnessed a decline in demand this year due to the pandemic," Mr Jaiswal said.   He added that Grab could realign its focus away from the transport business in Singapore, going forward. The recent winning of the full digital bank licence by the Grab-Singtel consortium would mean that Grab will be busy building its financial services business over the next two years, as it plans to launch the digital bank in early 2022, RHB said.   Separately, earlier this year, Grab chief executive Anthony Tan noted that the gross merchandise value for its transport business fell by a double-digit percentage in some countries. Meanwhile, Covid-19 has accelerated Grab' s food delivery business, which has grown rapidly from a relatively low base, Mr Jaiswal noted.   As for its transport business, Grab is set to add a platform fee of S$0.30 to its ride-hailing in the next few months, as it looks to cover operating costs and look after the welfare of its drivers sustainably.   Taken together, these should bode well for ComfortDelGro' s taxi business, RHB said. It has raised its 2021-2022 earnings estimates for ComfortDelGro by 3-4 per cent to account for a slightly higher utilisation rate for its taxi fleet.   " We maintain that gradual normalisation of business activities in Singapore and the company' s other key overseas markets should support an improvement in public transport ridership, and a stabilisation of the taxi business during 2021," RHB added.   RHB' s target price implies 19 times 2021 forward price-to-earnings (P/E) ratio, which is slightly higher than ComfortDelGro' s 10-year average P/E of 16 times.   " The stock is also trading at a record low price-to-book value of 1.4 times, which does not capture the improvement in return on equity," Mr Jaiswal said.

 

Conman knows nothing about Grab or CDG business.. he is out to confuse and short and confuse and short 

Entropy72      ( Date: 08-Dec-2020 09:27) Posted: Good news for CDG! Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business. Joelton      ( Date: 08-Dec-2020 09:21) Posted: RHB raises its target price for ComfortDelGro, citing easing competition HDT Singapore' s closure, expected Grab-Gojek merger may reduce competitive intensity   RHB has maintained its " buy" recommendation for ComfortDelGro, while raising its target price on the transport behemoth to S$1.90, up from S$1.70 previously.   This comes amid " lower competitive intensity for its taxi business" , analyst Shekhar Jaiswal wrote in a research note on Monday.   ComfortDelGro shares closed at S$1.66 on Monday, up two cents or 1.22 per cent.   Just last week, HDT Singapore announced that it is pulling the plug on its electric-taxi business in the Republic, as the company has suffered a " prolonged, debilitating impact" with the novel coronavirus outbreak.   Recent news reports also suggest that Grab and Gojek have made substantial progress in working out a deal to combine their businesses, RHB noted.   " This merger, if confirmed, should reduce the competitive intensity in Singapore' s taxi and private-hire car landscape, which has already witnessed a decline in demand this year due to the pandemic," Mr Jaiswal said.   He added that Grab could realign its focus away from the transport business in Singapore, going forward. The recent winning of the full digital bank licence by the Grab-Singtel consortium would mean that Grab will be busy building its financial services business over the next two years, as it plans to launch the digital bank in early 2022, RHB said.   Separately, earlier this year, Grab chief executive Anthony Tan noted that the gross merchandise value for its transport business fell by a double-digit percentage in some countries. Meanwhile, Covid-19 has accelerated Grab' s food delivery business, which has grown rapidly from a relatively low base, Mr Jaiswal noted.   As for its transport business, Grab is set to add a platform fee of S$0.30 to its ride-hailing in the next few months, as it looks to cover operating costs and look after the welfare of its drivers sustainably.   Taken together, these should bode well for ComfortDelGro' s taxi business, RHB said. It has raised its 2021-2022 earnings estimates for ComfortDelGro by 3-4 per cent to account for a slightly higher utilisation rate for its taxi fleet.   " We maintain that gradual normalisation of business activities in Singapore and the company' s other key overseas markets should support an improvement in public transport ridership, and a stabilisation of the taxi business during 2021," RHB added.   RHB' s target price implies 19 times 2021 forward price-to-earnings (P/E) ratio, which is slightly higher than ComfortDelGro' s 10-year average P/E of 16 times.   " The stock is also trading at a record low price-to-book value of 1.4 times, which does not capture the improvement in return on equity," Mr Jaiswal said.

 

All the trains, rails depots, buses, etc belong to the government. Bus fares go to LTA. Train fares go to the operators. All maintenance and salaries are at the operators' costs. Of course the government must keep the operators alive by paying them with tax-payers' money. But cannot make them huat for obvious reason.

seba240698      ( Date: 08-Dec-2020 10:21) Posted: We all know that CDG derives its revenue and profit from public transport (train and bus) and not much from taxis. I agree with Conmen that CDG can Jolly well hand over the title of "the biggest taxi company in the world" to someone else but this doesn't concern CDG at all, I believe. Because the MAJORITY of the revenue and profit are from public transport in Singapore. With the ZERO growth of COE quota and population growth in Singapore, the demand for public transport is bound to go up, the only caveat is if SBSTransit (a subsidiary of CDG) can win future contracts. Entropy72      ( Date: 08-Dec-2020 09:27) Posted: Good news for CDG! Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business.

 

We all know that CDG derives its revenue and profit from public transport (train and bus) and not much from taxis. I agree with Conmen that CDG can Jolly well hand over the title of "the biggest taxi company in the world" to someone else but this doesn't concern CDG at all, I believe. Because the MAJORITY of the revenue and profit are from public transport in Singapore. With the ZERO growth of COE quota and population growth in Singapore, the demand for public transport is bound to go up, the only caveat is if SBSTransit (a subsidiary of CDG) can win future contracts.

Entropy72      ( Date: 08-Dec-2020 09:27) Posted: Good news for CDG! Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business. Joelton      ( Date: 08-Dec-2020 09:21) Posted: RHB raises its target price for ComfortDelGro, citing easing competition HDT Singapore' s closure, expected Grab-Gojek merger may reduce competitive intensity   RHB has maintained its " buy" recommendation for ComfortDelGro, while raising its target price on the transport behemoth to S$1.90, up from S$1.70 previously.   This comes amid " lower competitive intensity for its taxi business" , analyst Shekhar Jaiswal wrote in a research note on Monday.   ComfortDelGro shares closed at S$1.66 on Monday, up two cents or 1.22 per cent.   Just last week, HDT Singapore announced that it is pulling the plug on its electric-taxi business in the Republic, as the company has suffered a " prolonged, debilitating impact" with the novel coronavirus outbreak.   Recent news reports also suggest that Grab and Gojek have made substantial progress in working out a deal to combine their businesses, RHB noted.   " This merger, if confirmed, should reduce the competitive intensity in Singapore' s taxi and private-hire car landscape, which has already witnessed a decline in demand this year due to the pandemic," Mr Jaiswal said.   He added that Grab could realign its focus away from the transport business in Singapore, going forward. The recent winning of the full digital bank licence by the Grab-Singtel consortium would mean that Grab will be busy building its financial services business over the next two years, as it plans to launch the digital bank in early 2022, RHB said.   Separately, earlier this year, Grab chief executive Anthony Tan noted that the gross merchandise value for its transport business fell by a double-digit percentage in some countries. Meanwhile, Covid-19 has accelerated Grab' s food delivery business, which has grown rapidly from a relatively low base, Mr Jaiswal noted.   As for its transport business, Grab is set to add a platform fee of S$0.30 to its ride-hailing in the next few months, as it looks to cover operating costs and look after the welfare of its drivers sustainably.   Taken together, these should bode well for ComfortDelGro' s taxi business, RHB said. It has raised its 2021-2022 earnings estimates for ComfortDelGro by 3-4 per cent to account for a slightly higher utilisation rate for its taxi fleet.   " We maintain that gradual normalisation of business activities in Singapore and the company' s other key overseas markets should support an improvement in public transport ridership, and a stabilisation of the taxi business during 2021," RHB added.   RHB' s target price implies 19 times 2021 forward price-to-earnings (P/E) ratio, which is slightly higher than ComfortDelGro' s 10-year average P/E of 16 times.   " The stock is also trading at a record low price-to-book value of 1.4 times, which does not capture the improvement in return on equity," Mr Jaiswal said.

 

Good news for CDG!

Conman will be disappointed that Grab focus is shifting away from unsustainable / cash burning ride hail business.

Joelton      ( Date: 08-Dec-2020 09:21) Posted: RHB raises its target price for ComfortDelGro, citing easing competition HDT Singapore' s closure, expected Grab-Gojek merger may reduce competitive intensity   RHB has maintained its " buy" recommendation for ComfortDelGro, while raising its target price on the transport behemoth to S$1.90, up from S$1.70 previously.   This comes amid " lower competitive intensity for its taxi business" , analyst Shekhar Jaiswal wrote in a research note on Monday.   ComfortDelGro shares closed at S$1.66 on Monday, up two cents or 1.22 per cent.   Just last week, HDT Singapore announced that it is pulling the plug on its electric-taxi business in the Republic, as the company has suffered a " prolonged, debilitating impact" with the novel coronavirus outbreak.   Recent news reports also suggest that Grab and Gojek have made substantial progress in working out a deal to combine their businesses, RHB noted.   " This merger, if confirmed, should reduce the competitive intensity in Singapore' s taxi and private-hire car landscape, which has already witnessed a decline in demand this year due to the pandemic," Mr Jaiswal said.   He added that Grab could realign its focus away from the transport business in Singapore, going forward. The recent winning of the full digital bank licence by the Grab-Singtel consortium would mean that Grab will be busy building its financial services business over the next two years, as it plans to launch the digital bank in early 2022, RHB said.   Separately, earlier this year, Grab chief executive Anthony Tan noted that the gross merchandise value for its transport business fell by a double-digit percentage in some countries. Meanwhile, Covid-19 has accelerated Grab' s food delivery business, which has grown rapidly from a relatively low base, Mr Jaiswal noted.   As for its transport business, Grab is set to add a platform fee of S$0.30 to its ride-hailing in the next few months, as it looks to cover operating costs and look after the welfare of its drivers sustainably.   Taken together, these should bode well for ComfortDelGro' s taxi business, RHB said. It has raised its 2021-2022 earnings estimates for ComfortDelGro by 3-4 per cent to account for a slightly higher utilisation rate for its taxi fleet.   " We maintain that gradual normalisation of business activities in Singapore and the company' s other key overseas markets should support an improvement in public transport ridership, and a stabilisation of the taxi business during 2021," RHB added.   RHB' s target price implies 19 times 2021 forward price-to-earnings (P/E) ratio, which is slightly higher than ComfortDelGro' s 10-year average P/E of 16 times.   " The stock is also trading at a record low price-to-book value of 1.4 times, which does not capture the improvement in return on equity," Mr Jaiswal said.

 

 

Just that it is a goestan business, otherwise that 'biggest taxi company of the world' wouldnt have said that it is running down its fleet.

justicebaogaliao      ( Date: 07-Dec-2020 19:03) Posted: The duo have been around for so long, yet none of the existing taxi companies have been crippled  Conman      ( Date: 07-Dec-2020 10:10) Posted: How is Grab's digital licence going to affect CDG Taxies? Banks' shares already kena the first blow this morning. Expect the two to undle their existing services with their new banking business and rob more riders and drivers from CDG! Just guessing. But it will happen, unless Grab Management suddenly fall asleep.

 

The duo have been around for so long, yet none of the existing taxi companies have been crippled 

Conman      ( Date: 07-Dec-2020 10:10) Posted: How is Grab's digital licence going to affect CDG Taxies? Banks' shares already kena the first blow this morning. Expect the two to undle their existing services with their new banking business and rob more riders and drivers from CDG! Just guessing. But it will happen, unless Grab Management suddenly fall asleep.

 

Bought @1.65, it looks to have caught a downward break so good chane to make some profit.

Conman      ( Date: 07-Dec-2020 10:10) Posted: How is Grab's digital licence going to affect CDG Taxies? Banks' shares already kena the first blow this morning. Expect the two to undle their existing services with their new banking business and rob more riders and drivers from CDG! Just guessing. But it will happen, unless Grab Management suddenly fall asleep.

 

How is Grab's digital licence going to affect CDG Taxies? Banks' shares already kena the first blow this morning.

Expect the two to undle their existing services with their new banking business and rob more riders and drivers from CDG!

Just guessing. But it will happen, unless Grab Management suddenly fall asleep.

 

now the competitior and enemy becoming own entity, brilliant...

Conman      ( Date: 07-Dec-2020 07:13) Posted: This is a process of criss-crossing ownership and drawing boundaries to cut down bad-competirions. For Grab and Gojek, this must happen. But they will not pay to buy the smaller apps like Tada and Rydes which cant fight. So you see Uber sitting in Grab and Didi, Grab sitting in GoJek and GoJek sitting in Grab. And behind them, the big share-holders are probably the same people. Left pocket to the right pocket. Why not? justicebaogaliao      ( Date: 05-Dec-2020 18:38) Posted: Yea, Grab can keep paying new ride hailing companies to leave the market and incur more losses. New wonton mee stalls can keep sprouting 😂

 

This is a process of criss-crossing ownership and drawing boundaries to cut down bad-competirions. For Grab and Gojek, this must happen. But they will not pay to buy the smaller apps like Tada and Rydes which cant fight.

So you see Uber sitting in Grab and Didi, Grab sitting in GoJek and GoJek sitting in Grab. And behind them, the big share-holders are probably the same people. Left pocket to the right pocket. Why not?

justicebaogaliao      ( Date: 05-Dec-2020 18:38) Posted: Yea, Grab can keep paying new ride hailing companies to leave the market and incur more losses. New wonton mee stalls can keep sprouting 😂   Conman      ( Date: 05-Dec-2020 17:26) Posted: Such companies have no hard assets. Drivers are not their employees, while riders are not tied to them by any agreement. Buying one by another is in reality the 'buyer' paying for the 'seller' to leave the market. CCCS will not be able to stop GoJek from leaving Singapore, just like what happened during the Uber-Grab deal. Grab paid only for Uber to leave and did not buy one single car of Uber's subsidiary Lion City Rental.

 

CDG's advantage over other taxi companies was mainly on its call-bookings. Now that Grab app becomes the preferred app of the riders to book their rides, CDG drivers have lost this advantage. The drivers will sooner or later be wondering why they are paying as much as $20 more a day to rent a CDG taxi compared to other taxis and ending up queuing for the dame
$5 fares at the taxi stands.

It is true that all taxis can take GrabTaxis jobs but such job have no surged fares offered to the PHVs. Grab has no reasons to 'help' its competiors.

As for renting out PHV cars, the question is at what scale and whether Grab will give preferential treatment and whether PHV drivers will rent from this CDG renting service (I wouldnt, if I were to drive for Grab).

Whether it was because of Covid or other reasons that this 'World's Biggest Taxi Company' is now running down its fleet? Just look at its fleet size over the last 15 years and you will get the answer. At its prime time, one had to wait for 10 months to get to rent a taxi from this company. And it was firing its drivers just based on a few complaints from the riders, with their surnames and car numbers and 'offences' listed out in clear in its monthly news letters. Have a chat with drivers who have driven for the last 20 years and you will know.

seba240698      ( Date: 06-Dec-2020 20:41) Posted: Actually if you remember in 2018, when Grab and Uber merged, the share price of CDG shot up by a lot, as the market foresaw the days of cheap ride-hailing fares are over so it benefited CDG. By the way, I read most of your recent comments and would like to ask you a few questions, hope you don't mind. 1) Do you know that CDG taxi drivers now can openly get jobs from Grab, Go-jek and any other ride hailing companies after the new point-to-point transport framework was implemented? What do you think of this? I spoke to a many CDG taxi drivers, their earnings actually improved as they now have more jobs. CDG, in the mean time, is happily collecting rentals, 2) Do you know that CDG is also renting out phvs? You can check their website, one day is about $50. What do you think of this? I think this benefits CDG. I believe the current depressed share price of CDG is purely due to COVID, not Grab nor Go-jek. My 2-cents. DYODD. Conman      ( Date: 03-Dec-2020 21:39) Posted: Media has reported that Grab might acquire GoJek. CCCS had been informed, and talks are going on. What is going to happen to CDG Taxis when this comes theough? CDG's taxi app will be further marginalised because Grab app will becomes 'the app' for booking a ride'. At present, already we see less of 'On-Call' blue or yellow taxis on the road, because they are all queuing at the taxi stands together with the red and silver colour cabs. No more hiding at one corner 'playing with calls' as they always did in the past. No 'On-Call' business means the higher tental vis-a-vis the smaller taxi companies is no longer justified. Soon its taxi drivers will ask themselves why they are paying higher rental but have to queue with the cheaper taxis at the taxi stands. This is one of the reasons why most taxi drivers of the smaller companies have driven a CDG taxi before. Of course there were orher reasons which will make CDG look silly if I were to talk about it. CDG is no more the World' Biggest Taxi Company for sure. From 13%, we will see 10%, 5%, and finally 1% in about 10 years.

 

Comfort will survive and thrive into the next century! 

Comfort 万 岁 ！

 

business is already transforming to lesser taxi and more mass like train.
for private hire it will continue to be a tough game, combine with competion or not.
as customers and drivers does not have loyalty. the appearance of private hire has heavily 
till the game towards favouring the customers by price competition. drivers will at some point
find it not feasible to drive private hire. either swicth to taxi with some private hire call . or switch to a full time job. full time jobs is especially encouraging as now gov stop issue of massive pmet passes.
one can actually feel the lessers number of indians, prc, malaysian, pinoy on the streets.
this will now tile the game to more favorable for citizen employee then employer. 
with a proper job much lesser people will drive taxi or private hire. which is a good thing for people 
to be properly employed in their field of training. 

 

We all know ComfortDelgro' s branding, so we assume that it is a taxi company with majority revenue coming from taxi business.

From their report for H1 2020, Bus station business contribute to 78.5% of its revenue.  Taxi forms 11.4% of revenue. 

Their Singapore business contribute 58.2% of revenue and the other 41.8% from overseas like, UK, Australia and China.

https://www.comfortdelgro.com/documents/38822/285795/1H2020+Results+Presentation_Final.pdf/8921dc25-aa6b-6588-4bda-917f2dbfd234?version=1.0& t=1598233085834& previewFileIndex=all

So I assume the Grab-Gojek merger will have limited (positibe or negative) impact on ComfortDelgo.

 

Actually if you remember in 2018, when Grab and Uber merged, the share price of CDG shot up by a lot, as the market foresaw the days of cheap ride-hailing fares are over so it benefited CDG. By the way, I read most of your recent comments and would like to ask you a few questions, hope you don't mind. 1) Do you know that CDG taxi drivers now can openly get jobs from Grab, Go-jek and any other ride hailing companies after the new point-to-point transport framework was implemented? What do you think of this? I spoke to a many CDG taxi drivers, their earnings actually improved as they now have more jobs. CDG, in the mean time, is happily collecting rentals, 2) Do you know that CDG is also renting out phvs? You can check their website, one day is about $50. What do you think of this? I think this benefits CDG. I believe the current depressed share price of CDG is purely due to COVID, not Grab nor Go-jek. My 2-cents. DYODD.

Conman      ( Date: 03-Dec-2020 21:39) Posted: Media has reported that Grab might acquire GoJek. CCCS had been informed, and talks are going on. What is going to happen to CDG Taxis when this comes theough? CDG's taxi app will be further marginalised because Grab app will becomes 'the app' for booking a ride'. At present, already we see less of 'On-Call' blue or yellow taxis on the road, because they are all queuing at the taxi stands together with the red and silver colour cabs. No more hiding at one corner 'playing with calls' as they always did in the past. No 'On-Call' business means the higher tental vis-a-vis the smaller taxi companies is no longer justified. Soon its taxi drivers will ask themselves why they are paying higher rental but have to queue with the cheaper taxis at the taxi stands. This is one of the reasons why most taxi drivers of the smaller companies have driven a CDG taxi before. Of course there were orher reasons which will make CDG look silly if I were to talk about it. CDG is no more the World' Biggest Taxi Company for sure. From 13%, we will see 10%, 5%, and finally 1% in about 10 years.

 

Hi, your point number 3 is not possible. Stock Exchange of Singapore (SES) will not allow any company to list itself in Singapore unless it has profits of a certain amount for a certain length of time. Please read the following regulations. I extracted it from the SES website. "In order for a company to be listed on the Singapore Exchange Securities? board it must meet at least one of the requirements: a minimum market capitalisation of SG$80 million considering the issue price and post-invitation issued share capital, the cumulative consolidated pre-tax profit must be at least SG$10 million during the last one or two years, the consolidated pre-tax profit must be at least SG$7.5 million during the last three years and a minimum pre-tax profit of at least SG$1 million for every year."

Conman      ( Date: 04-Dec-2020 17:53) Posted: Both Grab and GoJek are not the kind of fly-by-night drug peddlers at Geylang. The are the most valuable start-ups in this region worth US$15b (Grab) and US$10b (GoJek) respectively. My predictions are: 1. CCCS will not be able to stop them from merging, which is a commercial decision between two private companies, if they decide to merge. They may not merge because of other reasons but would not be because of rejections by CCCS. 2. Whether loss-making or not, Grab will be here. 3. Grab will be listed in Singapore. It will be the first of its kind here and its IPO will shake the world and its shares will be over-subscribed many times. Funds will dump CDG shares and buy into Grab. Lets see whether I am right or wrong in time to come.

 

Yea, Grab can keep paying new ride hailing companies to leave the market and incur more losses. New wonton mee stalls can keep sprouting 😂  

Conman      ( Date: 05-Dec-2020 17:26) Posted: Such companies have no hard assets. Drivers are not their employees, while riders are not tied to them by any agreement. Buying one by another is in reality the 'buyer' paying for the 'seller' to leave the market. CCCS will not be able to stop GoJek from leaving Singapore, just like what happened during the Uber-Grab deal. Grab paid only for Uber to leave and did not buy one single car of Uber's subsidiary Lion City Rental.