UOB Kay Hian has maintained its “buy” rating on ComfortDelGro with a target price of $1.78, citing an “encouraging uptrend” in taxi fares and rides, as well as extended government support. 

Analyst Lucas Teng said taxi rides are back to 70% of pre-Covid-19 levels, while fares are at 70-80% of pre-COVID-19 levels, comparable with its ride-hailing peers. 

Furthermore, CDG’s rental waivers for taxi drivers are being progressively reduced, coming down from 30% in August to 25% in September. 

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