ComfortDelgro

ComfortDelgro: Deutsche notes that group's increasing cash stockpile suggests a sizable acquisition or more dividends, based on historical positions. Its overseas acquisitions have helped it diversify its earnings base, grow earnings and generate FCF. If it cannot find a suitable investment overseas, the company can afford to increase dividends materially. DB currently assume a 56% dividend payout in 2015E, but if the payout ratio increases to 100%, yield could be c.6%. ComfotDelgro is one of its top five Buy picks in Singapore.