SINGAPORE (May 15): OCBC continues to rate ComfortDelGro (CDG) at “buy” with a lower fair value estimate of $2.88 from $2.95 previously, following the release of the land transport group’s 1Q results on Friday.

(See also: ComfortDelGro 1Q earnings up 12% to $82.5 mil on one-off gain)

In a Monday report, lead analyst Eugene Chua says the 2.4% on-year decline in the group’s revenue, which was mainly eroded by a weaker GBP against SGD, came largely within expectations, while noting how 1Q has historically been the weakest quarter for CDG.

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