SINGAPORE (Oct 1): Daiwa Capital Markets believes the implementation of the new government contract model (GCM) is advantageous to ComfortDelGro’s Singapore bus segment, which some market players may under-appreciate.

With the new cost plus model, Daiwa expects ComfortDelGro’s Singapore bus operating margin to grow 10% in 2017E amid a more attractive operating environment.

The research house reckons organic growth can still occur through changes to service requirements.

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