SINGAPORE (Jul 1): CGS-CIMB analyst Ong Khang Chuen is maintaining “hold” on transport operator ComfortDelGro (CDG), with a reduced target price to $1.46 from $1.50 previously, largely due to the Covid-19 pandemic. 

“While we had already expected ComfortDelGro to record a net loss in 2Q20 due to lockdown measures across [its] key operating regions, the announcement came as a negative surprise as it implies wider losses during the period,” Ong writes, in a report dated June 29.

Warning of “potholes ahead”, Ong noted that a net loss is expected for 1HFY20.

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