ComfortDelgro

ComfortDelgro: [UOBKH] Share price underperformance amid Brexit concerns unwarranted
-88-90% of CD's UK revenue stems from the resilient bus segment
-Bus passenger journeys continued to increase from 2005 to 2015
-passenger journeys also increased during the UK recession and GFC period of 2008-09
-expects Brexit impact to be from GBP depreciation, but mostly translational and limited CF impact, due to natural hedge of the UK business
-But house suggested to watch out on Uber wrestling drivers away from CD over the long-term
-UOB Kay Hian maintain Buy with TP of $3.16