Comfort Delgro

Comfort Delgro: OCBC upgrading ComfortDelgro to BUY as its share price has shown signs of stabilising since the partial stake sale by the SLF about a month ago. In house view, the group remains a high-quality counter with unchanged fundamentals and positive growth drivers from its overseas operations. Furthermore, while the group continues to face domestic challenges in the absence of a fare increase, view the recent fare review delay as an indication of a more sustained and beneficial fare review structure in the long-run. House leave fair value estimate of $1.95 unchanged.