SINGAPORE (Nov 16): Singapore public transport and taxi operator ComfortDelGro is downgraded to “hold” from “add” by CIMB after reporting its third quarter results.

The brokerage says slower revenue growth could indicate the taxi giant is being undermined by hiring apps like Uber and GrabTaxi.

"Although its profitability in 9M15 appeared unaffected, we believe that the rise of Uber and GrabCar presents a threat to CD's established market power, as management observed a much shorter queue of applicants for its taxis," CIMB says.

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