The Positive
+ Jump in China taxi earnings. Operating profit in China jumped almost 4-fold to S$7.8mn in 4Q23. Earnings recovered as rebates were removed. Demand for vehicles has been strong, and ComfortDelGro is looking to expand its fleet to accommodate the demand.
The Negative
– Meagre rail earnings. We expect Singapore rail operations to be barely profitable. The rise in wages and electricity has impacted margins. We believe margin recovery will occur in FY24e from the lagged 7% rise in fares and slower rise in operating costs, especially electricity.
Source: Phillip Capital Research - 4 Mar 2024
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Created by traderhub8 | Jun 12, 2024
Created by traderhub8 | Jun 03, 2024