ComfortDelGro Set to Benefit From Fare Increase, Government Subsidy -- Market Talk

Dow Jones2023-09-22

0731 GMT - ComfortDelGro stands to benefit from public transport fare increases and extra subsidy support from the government, RHB Research analyst Shekhar Jaiswal says in a research report. The Public Transport Council announced a 7% fare increase as part of Singapore's 2023 fare review exercise, while the government will provide an additional subsidy of S$300 million to moderate the fare increase, the analyst notes. This should lift the transport company's 2024-2025 profit by 3%, the analyst estimates. ComfortDelGro could enjoy positive earnings momentum, supported by factors including marginally higher rail ridership in Singapore with increased fares, says RHB, which raises the stock's target price to S$1.46 from S$1.40 with an unchanged buy rating. Shares are 1.6% lower at S$1.26. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

September 22, 2023 03:31 ET (07:31 GMT)

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This should lift the transport company's 2024-2025 profit by 3%, the analyst estimates. ComfortDelGro could enjoy positive earnings momentum, supported by factors including marginally higher rail ridership in Singapore with increased fares, says RHB, which raises the stock's target price to S$1.46 from S$1.40 with an unchanged buy rating. Shares are 1.6% lower at S$1.26. 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