ComfortDelGro: 2Q16 earnings in line but may sputter over next two years
-2Q16 net profit $85.5m (+5.3%) - in line with consensus estimate
-2Q16 revenue $1.02b (-1.4%) - dragged by FX translation loss
-excluding FX, revenue grew 0.3% on higher rail ridership and taxi rentals
-Operating margin widened 0.4ppt to 12% on lower operating costs
-Raised interim DPS by 0.25¢ to 4.25¢
-Maybank KE expects rail profit margin to shrink and taxis to come under more pressure from private hire-cars
-House cut FY16-18 earnings by 10-15%. Maintain Hold but cuts TP to $2.63 from $2.80
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