Shares of Singapore-listed transport operator ComfortDelgro (CMDG.SI) rose as much as 2.1% on Monday after DBS Vickers upgraded the firm to “buy” from “hold” and raised its target price to $1.79 from $1.65.

At 0333 GMT, ComfortDelgro shares were up 1.4% at $1.48 on a volume of 2.3 million shares. The broader Straits Times Index, on the other hand, was down 0.3%. 

 

“DBS had an upgrade and ComfortDelgro is a defensive play because it is in the more stable business of transport,” said a local trader.

 

DBS said ComfortDelgro is the likely candidate to clinch Singapore’s Downtown Line rail network contract and the firm’s Singapore operations are poised to benefit from the improved public transport infrastructure.