ComfortDelGro: (S$2.80) Worries on taxi and rail fester even as 1Q16 sees growth
- Net profit of $73.4m (+8.6%) on revenue of $995.6m (+3.3%), achieving 22% of full year consensus estimate.
- Led by bus (+3%), taxi (+3.7%), and rail (+27.5%)
- Moving forward, rail to improve although ridership of DTL below expectations, breakeven to be later than expected
- Bus to see weaker performance on gradual transition out of Bulim and Loyang
- Taxi to be maintained. MKE feels that hire out rate may eventually be hit as currently no queue for new taxi, disruption from new entrants
- MKE maintains Hold and TP of $2.80
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