Singapore Stock Market News
ComfortDelGro - Transfer of BSEP buses
StockFanatic
Publish date: Mon, 03 Aug 2015, 12:43 PM
StockFanatic
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The transfer of buses under the Bus Service Enhancement Program (BSEP) to the Land Transport Authority (LTA) has no impact on ComfortDelGro's (CDG) NTA and EPS, as 1) the BSEP bus assets and associated liabilities owing to the LTA that were parked on CDG's book fully offset each other, and 2) earnings derived from the BSEP buses have always been merely a pass-through for CDG. Our FY15-17 core EPS estimates are kept intact.
We maintain Add on CDG, with an unchanged target price of S$3.42, based on CY15 DCF valuation. Key catalysts for CDG include earnings contribution of the Downtown Line (DTL) stage II & III and continued overseas expansions via M&As.
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