ComfortDelGro - Defensive earnings | I3investor

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ComfortDelGro - Defensive earnings

StockFanatic

Publish date: Fri, 17 May 2013, 03:49 PM

In contrast to its peer SMRT's profit deterioration, ComfortDelGro turned in solid 1Q numbers characterised by mild revenue growth and stable margins. Management's reaffirmation of its 50% dividend payout ratio was music to our ears in light of SMRT's dividend cuts.

1Q13 net profit met expectations at 23% of our FY13 forecast and 22% of consensus. We keep our Neutral rating, EPS forecasts and target price (DCF, 7.3% WACC) unchanged. The stock lacks rerating catalysts, but is supported by a 3% dividend yield.

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