Comfort Delgro: Macquare upgrades stock to Outperform from Underperform and raises TP to $2.00 from $1.19, on the back of strong economic growth and tourist arrivals in SG that account for 60% of revenues, and positive developments such as the Downtown Line
tender, the new taxi fleet in Singapore and acquisition in Australia….
Highlight that valuation is undemanding at 12.6x FY11E PE and the underperformance vs the Straits Times Index of 16% YTD is unjustified. Note that estimates are 6% each higher than consensus for 2011 and 2012.
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