ComfortDelgro’s (C52.SG) expansion in Australia, via A$38.8 million ($46.8 million) acquisition of Swan Taxis, generating little interest among investors, according to Dow Jones.

Stock flat at $1.50 in thin trade. Public transport operator seeking to buy Swan Taxis, which has biggest cab market share in Perth, in bid to enlarge footprint in Australia, where it’s already one of largest private bus companies in New South Wales, Victoria.

Swan Taxis booked FY pretax profit of A$4.6 million on revenue of A$13.3 million.

“Given the small scale of the acquisition, we believe it will largely be fundamentally positive but neutral for the stock,” says BNP Paribas, which has Hold call with $1.66 target; tips $3.0 million boost to ComfortDelgro’s FY10 bottomline if deal concluded by July-end.

Company will fund purchase using internal resources.

Orderbook quotes tip $1.48–$1.55 trading range for time being.