SINGAPORE (Apr 17): OCBC Investment Research is keeping its “hold” call on ComfortDelGro (CDG), but raising its fair value estimate to $2.63 from $2.38 on the back of improved market sentiment for the public transport operator.
Analyst Low Pei Han notes that the share price of CDG’s 74.5%-owned subsidiary SBS Transit has climbed around 56% year-to-date.
She adds that this has been supported by earnings growth with the contributions from the Seletar and Bukit Merah Bus Packages, which commenced operations from March and November 2018, respectively.
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