ComfortDelgro

Singapore taxi firm Trans-cab revives IPO plan

SINGAPORE (Sept 9): Trans-cab Services, Singapore’s second-largest taxi operator, is reviving its plans for an initial public offering, according to people with knowledge of the matter, as the city-state prepares to tighten regulations on its ride-hailing rivals.

See: Singapore taxi firm Trans-cab to list on Mainboard

Public transport operators unlikely to benefit much despite up to 7% fare hike this year

SINGAPORE (Sept 4): Singapore’s Public Transport Council (PTC) announced Tuesday that public transport fares could increase by as much as 7% in the fare review exercise for 2019, on the back of double-digit increase in energy prices.

This would mean that commuters paying by cards – approximately 90% of the total commuter base – could see fare prices increase by as much as 10 cents per trip.

ComfortDelGro's Rent-A-Car bulks up on prime movers

SINGAPORE (Aug 5): ComfortDelGro's car rental and leasing arm, Rent-A-Car (CRAC) is adding five prime movers to its fleet to muscle its way into the heavy vehicle arena.

The first two movers, a Volvo FM and UD Quon, have been received while the remaining other two Volvo FMs and one UD Quon will be delivered by the end of the year.

Singapore offers buffet of attractive yield plays amid the easing policy environment, says UOB

SINGAPORE (April 1): UOB Kay Hian is recommending a wide variety of yield plays offered by Singapore ranging from aviation and banks, to developers and REITs as central banks around the world continue to ease their monetary policies.   

In a particular, the research house is expecting dovish dispositions at both the Federal Reserve (Fed) and the European Central Bank (ECB) to rekindle general investor interest in yield plays, as an abundance of liquidity make their recurrent dividends more attractive.

Winners and losers from Singapore's budget as election looms

SINGAPORE (Feb 19): Singapore Finance Minister Heng Swee Keat boosted health-care and military spending, gave tax rebates to citizens and tightened rules on foreign workers ahead of an election that could come as early as this year.

Heng announced a new $8 billion support package for seniors in his budget speech on Monday, as well as measures to help local businesses adopt new technologies. The expansionary fiscal plan will push the overall budget deficit to 0.7% of gross domestic product in the year ending March 2020, from a revised surplus of 0.4% this year.

The worst looks over for taxis

SINGAPORE (Sept 27): Phillip Capital is keeping an “overweight” recommendation on the land transport sector due to positive industry restructuring following the exit of Uber and the worst being over for the taxi industry.

The research house has also maintained its “accumulate” rating on ComfortDelGro with an unchanged target price of $2.78.

This month marks the second consecutive month that Singapore taxi companies – Comfort Taxi, CityCab and Prime – grew their fleets m-o-m.

ComfortDelGro said to be in talks with Indonesia's Go-Jek to explore partnership

SINGAPORE (Apr 25): ComfortDelGro is said to be in talks with Indonesia’s ride-hailing app provider Go-Jek to explore a partnership even as its tie-up with Uber comes under threat.

According to website Techcrunch, Go-Jek is looking to expand its services into Thailand, Vietnam and the Philippines, as well as Singapore.

Techcrunch cited an unnamed source saying that Go-Jek has held early-stage talks with ComfortDelGro that could see it enter Singapore as a ride-hailing partner for its 15,000 drivers.

ComfortDelGro acquires Aussie private non-emergency patient transport services provider for $30 mil

SINGAPORE (Apr 9): ComfortDelGro Corporation is expanding into the non-emergency patient transportation business through an A$30 million ($30.2 million) acquisition Down Under.

ComfortDelGro says the purchase of all the shares in National Patient Transport (NPT), which is one of the largest private providers of non-emergency patient transport services in Australia, will enable the group to broaden its competency.

The acquisition is subject to regulatory approval.

Regulatory changes expected to drive earnings for Singapore's land transport sector

SINGAPORE (Mar 22): Phillip Capital is maintaining an “overweight” for Singapore’s land transport sector on regulatory reviews and changes with ComfortDelGro (CDG) its top “buy” pick with a $2.50 target.

In addition, regulatory changes on fare formula and licensing of private-hire car companies could be catalysts for a re-rating for the stock.

In a Thursday report, analyst Richard Leow says, “We forecast CDG's earnings to have bottomed in FY17, with the Public Transport Services segment largely driving earnings going forward.”

Hints of stabilisation in taxi earnings environment a good sign for ComfortDelGro

SINGAPORE (Mar 21): OCBC says encouraging indicators pointing to a more stabilised earnings environment for Singapore taxi operators were seen in the recent few months leading up to Jan 18.

Coupled with the prospect of higher taxi and train fares, this bodes well for ComfortDelGro whose stock is down 20% in the past year.

OCBC is maintaining its "buy" on ComfortDelGro with $2.25 fair value.

In a Wednesday report, analyst Eugene Chua says industrywide mileage numbers have improved while fleet numbers have remained stable.

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