ComfortDelGro's Margins Set to Expand Further on New Platform Fee -- Market Talk

Dow Jones2023-08-18

0150 GMT - ComfortDelGro's margins are poised to expand further on its new platform fee starting 3Q, UOB Kay Hian analysts say in a research report as they raise the stock's target price to S$1.53 from S$1.44 with an unchanged buy rating. The transport company implemented a platform fee of S$0.70 for every point-to-point online booking made via its 'Zig' app from July 1 onward, the analysts note. Based on the brokerage's estimates, this would imply roughly S$11 million-S$12 million half-over-half increase in 2H revenue. The brokerage expects the 2H core operating margin of the company's taxi segment to expand by 2-3 percentage points on half to 21%-22%. Shares are 0.8% lower at S$1.27. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

August 17, 2023 21:50 ET (01:50 GMT)

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