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UOB Kay Hian lowers ComfortDelGro’s TP to $1.63 on STI exclusion, but sees 'some upside' at its current price levels

Felicia Tan
Felicia Tan9/20/2022 07:41 PM GMT+08  • 3 min read
UOB Kay Hian lowers ComfortDelGro’s TP to $1.63 on STI exclusion, but sees 'some upside' at its current price levels
CDG's removal from the benchmark STI was expected, says UOB Kay Hian. Photo: ComfortDelGro
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UOB Kay Hian analyst Llelleythan Tan has kept his “buy” call on ComfortDelGro (CDG) as he sees the group’s rail ridership recovery as being on track.

In August, CDG’s rail ridership improved by 55.8% y-o-y and 5.0% m-o-m, accounting for 86.2% of its pre-pandemic levels as at August 2019.

“This is in line with expectations as we expect continued ridership growth given that most Covid-19 measures have been eased. This is also an improvement from July [this year] when rail ridership only formed 79.9% of pre-pandemic levels,” says Tan.

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