DBS Group Research analysts Woon Bing Yong and Paul Yong have kept “buy” on ComfortDelGro (CDG) as they believe the listing of ComfortDelGro Corporation Australia (CDC) could crystallise its value. 

The initial public offering (IPO) prospectus extract reveals resilient topline performance amid the Covid-19 pandemic, the analysts say. “Notably, CDC's pro forma historical revenue for FY20 inched down 2.8% y-o-y to A$646.7 million, despite the impact of the pandemic.”

While net profit declined at a faster rate of 32.8% y-o-y due to the high operating leverage nature of the business, CDC’s FY21 revenue is projected to rise above pre-pandemic levels to A$672.6 million — shrugging off the effects of the pandemic. 

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