Company Coverage
ComfortDelGro Corporation (CD SP): 1H26: Maintain HOLD On Challenging Taxi/P2P Segment
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
S$1.36
S$1.41
+3.7%
S$1.54
Analyst
Analyst
Highlights
- 1H26 core OP (-18% yoy) and PATMI (-14% yoy) missed our expectations, forming 41% and 43% of our and consensus’ 2026 forecasts.
- The miss was mainly due to the taxi/P2P segment, where 1H26 OP collapsed 47% yoy to S$35.35m, particularly in the B2C market.
- Maintain HOLD with an 8% lower target price of S$1.41 as we see limited near-term catalysts. For yield investors, CD offers a decent 5.3% for 2026.
Analysis
Earnings below expectations. ComfortDelGro Corporation (CD) reported lower 1H26 operating profit (OP) (-17% yoy) and core PATMI (-14% yoy) despite higher revenue (+6% yoy). Revenue was in line at 49% of our full year estimates, but core OP and PATMI formed only 41% and 43% and were significantly below our and consensus’ expectations.
The miss was mainly due to the taxi/P2P segment, where 1H26 OP collapsed 47% yoy to S$35.35m, largely due to weakness in taxis’ B2C market. On a positive note, VICOM delivered a strong beat on ERP 2.0 On-Board Unit (OBU) installation volumes, and public transport remained largely stable.
Highlights
- 1H26 core OP (-18% yoy) and PATMI (-14% yoy) missed our expectations, forming 41% and 43% of our and consensus’ 2026 forecasts.
- The miss was mainly due to the taxi/P2P segment, where 1H26 OP collapsed 47% yoy to S$35.35m, particularly in the B2C market.
- Maintain HOLD with an 8% lower target price of S$1.41 as we see limited near-term catalysts. For yield investors, CD offers a decent 5.3% for 2026.
Analysis
Earnings below expectations. ComfortDelGro Corporation (CD) reported lower 1H26 operating profit (OP) (-17% yoy) and core PATMI (-14% yoy) despite higher revenue (+6% yoy). Revenue was in line at 49% of our full year estimates, but core OP and PATMI formed only 41% and 43% and were significantly below our and consensus’ expectations.
The miss was mainly due to the taxi/P2P segment, where 1H26 OP collapsed 47% yoy to S$35.35m, largely due to weakness in taxis’ B2C market. On a positive note, VICOM delivered a strong beat on ERP 2.0 On-Board Unit (OBU) installation volumes, and public transport remained largely stable.
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
S$1.36
S$1.41
+3.7%
S$1.54
Analyst
Analyst
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