*Result* Comfort Delgro

Upgrade to BUY. Comfort delivered a consistent 1Q10 result. Net profit rose 3.4% YoY to $53.4m. A$ strength boosted revenue, offsetting RMB weakness. Growth came mainly from Australia bus, Singapore taxi and rail, as well as automotive engineering services, while underperformers were mainly the bus operations in Singapore, UK, China and China taxi. Expect a consistent earning growth 5%, TP @1.87 (17x FY Dec10 earnings vs. SMRT which is currently trading at 19x earnings)