SINGAPORE (Nov 17): DBS is maintaining its “hold” call on ComfortDelgro with a $1 price target as CD’s share price has outperformed the broader market year to date, which we believe has priced in positives from potential changes to policies.

In 3Q, ComfortDelgro registered a 5.4% y-o-y increase in net profit to $85.2 million. Operating costs increased by a slower at 0.6% to $919 million compared to topline growth of 1% y-o- y to $1.05 billion.

Thus, EBIT grew by 4.1% y-o-y $129 million, from $123.9 million a year ago. As a result of lower interest expenses with loans repaid by its UK operations, net profit grew slightly faster. Management revealed that

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