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Despite strong 2021 forecast, ComfortDelGro still two years away from pre-pandemic earnings: RHB

Jovi Ho
Jovi Ho4/23/2021 11:48 AM GMT+08  • 3 min read
Despite strong 2021 forecast, ComfortDelGro still two years away from pre-pandemic earnings: RHB
Recovery likely be visible in late 2H2021 and should translate to over 200% y-o-y profit growth for 2021, says RHB.
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Transport operator ComfortDelGro is “upping the ante” as its ride-hailing competitors work towards major corporate action, says RHB Group Research analyst Shekhar Jaiswal in an Apr 23 note.

Jaiswal is reiterating his “buy” call on ComfortDelGro with a raised target price of $2.10 from $1.90 previously, with a 17% upside.

“ComfortDelGro is exploring ways to grow and diversify the customer base of its taxi business. Its collaboration with Lazada, and the launch of mobility and lifestyle app Zig, should ensure that its taxi fleet utilisation levels remain elevated,” writes Jaiswal.

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