ComfortDelgro *Official* (SGX:C52)

[Shion]

ComfortDelGro launches EV charging JV in Guangzhou​

https://www.theedgesingapore.com/ca...mfortdelgro-launches-ev-charging-jv-guangzhou

ComfortDelGro (CDG) and Guangzhou Public Transport Group (GZPTG) marked the launch of their new joint venture (JV), Guangzhou ComfortDelGro C52 0.00% Guangjiao New Energy Company, today in Guangzhou, China.

The JV will focus on deploying and operating electric vehicle (EV) charging infrastructure and related services, and the initial investment includes four charging stations equipped with 240 chargers, with a total capacity of 21,600 kilowatts (kW).

Located in Guangzhou’s Huangpu and Baiyun Districts, these stations will support the operation of 480 electric buses.

ComfortDelGro’s JV partner GZPTG is the largest public transport and road transport enterprise in South China. It operates more than 13,000 electric buses in Guangzhou.

Apart from this JV, ComfortDelGro also operates three other businesses in China – taxi, bus station and construction logistics – in cities such as Beijing, Shenyang, Jilin City, Guangzhou, Nanning, Shanghai, Suzhou, Nanjing and Chengdu.

The company runs a total of 9,400 vehicles in China including 5,800 EVs.

Cheng Siak Kian, ComfortDelGro Managing Director and Group CEO, who was present at the event, says: “ComfortDelGro welcomes the opportunity to deepen our longstanding partnership with this new joint venture and to offer more sustainable mobility solutions to support the green
transition of the transportation industry.”

“As the leading land transport company in South China, GZPTG is firmly committed to low-carbon mobility solutions,"says Lin Dian Sheng, Deputy General Manager of GZPTG.

“Our strategic partnership with ComfortDelGro taps on our respective strengths, enabling us to offer clean, efficient, and sustainable solutions to customers in China and beyond," he adds.

 

[Shion]

ComfortDelGro to fully acquire taxi network operator A2B Australia for $145.7 million​

https://www.straitstimes.com/busine...twork-operator-a2b-australia-for-1457-million

SINGAPORE - ComfortDelGro has agreed to acquire all the shares in A2B Australia it does not already own via a scheme of arrangement for A$1.45 in cash per share, it announced on Dec 22.

Australian taxi network operator A2B is also a provider of technology and payment solutions for the personal transport industry. It is listed on the Australian Securities Exchange, and its offerings range from taxi services brands 13cabs and Silver Service, to its Cabcharge digital payment solution.

ComfortDelGro and its Australian subsidiary Swan Taxis currently hold about 9.3 per cent of A2B.

At A$1.45 apiece, the consideration for ComfortDelGro to acquire the remaining shares in A2B stands at A$165.1 million (S$145.7 million).

The cash offer excludes A2B’s payment of a 60 Australian cents per share special dividend in respect of net proceeds from its sale of certain properties, which is expected to be paid out on Jan 30, 2024.

ComfortDelGro said its scheme to acquire the rest of A2B values the Australian transport company’s issued equity value at A$182 million on a fully-diluted basis.

It intends to fund the transaction through existing cash and bank facilities.

ComfortDelGro said acquiring the rest of A2B presents a “unique opportunity” for the group to acquire a portfolio of businesses “in line with its strategy to scale its point-to-point mobility business in Australia”.

Describing A2B as “highly complementary” to ComfortDelGro’s business, managing director and group chief executive Cheng Siak Kian said the acquisition would also allow for the diversification of the group’s offerings in Australia, “transforming ComfortDelGro Corporation Australia into a national multi-modal mobility player”.

ComfortDelGro chairman Mark Greaves said: “As a major long-term shareholder of A2B, and with our deep global transport experience, we are well-placed in terms of capital and expertise to grow these assets, generating value and growth for our shareholders and enhancing connectivity for communities.”

The transaction is slated for completion in the first half of 2024, and is subject to approval from A2B’s shareholders, the Australian court and clearance from the Australian Competition and Consumer Commission, among other conditions.

A2B’s board of directors have unanimously recommended that the company’s shareholders vote in favour of the scheme, with expected voting to take place in late March 2024.

Shares of ComfortDelGro were trading up two cents, or 1.5 per cent, at $1.38 as at 9.41am on Dec 22, after the announcement. THE BUSINESS TIMES

 

[Shion]

ComfortDelGro joint venture clinches $5.1 billion Stockholm Metro contract​

https://www.straitstimes.com/singap...-clinches-51-billion-stockholm-metro-contract

SINGAPORE - Transport giant ComfortDelGro has clinched a major contract to operate the Stockholm Metro system, further expanding the group’s international footprint.

Connecting Stockholm, the group’s joint venture with Go-Ahead Group, was awarded an 11-year contract worth more than 40 billion Swedish krona (S$5.1 billion) to run and maintain Stockholm Metro’s three existing lines – covering seven routes – from May 2025.

This is ComfortDelGro’s first rail contract in Sweden and will be its largest rail passenger operation outside of Singapore, the group said in a statement on Jan 24.

On a work day, the metro serves more than 1.2 million passengers in the Swedish capital. It includes 100 stations, six depots and 107km of track.

Connecting Stockholm will handle customer service, planning and delivery of rail services, as well as fleet, station and depot facility maintenance.

The contract will also allow Connecting Stockholm to provide project support for Trafikforvaltningen, the Stockholm Public Transport Administration, to develop and expand the metro system in future. Stockholm is building extensions to its three-line metro network and a fourth line.

ComfortDelGro holds a 45 per cent stake in the joint venture. Its partner Go-Ahead is the majority owner of British rail network Govia Thameslink Railway, with experience in rail operations in Norway and bus services in Sweden.

The Stockholm Metro is currently run by Hong Kong’s MTR, whose concession agreement ends in 2025. MTR has been operating the rail system for 14 years, since 2009.

According to MTR’s annual report, Stockholm Metro is operated by MTR Tunnelbanan AB, a fully owned subsidiary of MTR Nordic AB, which is wholly owned by MTR Corp.

ComfortDelGro had faced competition from MTR and Singapore’s dominant rail operator SMRT to operate the metro. Strides International Business, a business arm of SMRT, collaborated with France’s Transdev Group to bid for the contract.

The latest contract brings the total length of rail operated by ComfortDelGro to 317km, and comes after the group was awarded a contract in July 2023 to operate the south sector of Paris’ Line 15 for an initial term of six years, with an opportunity for an extension to nine years.

In 2021, the group won a $1.13 billion contract to operate rail services in Auckland in a joint venture with Australian operator UGL Rail Services.

ComfortDelGro chairman Mark Greaves said the group’s active expansion into the international rail scene is part of its strategy to grow its core public transportation business into new regions.

In Singapore, ComfortDelGro’s subsidiary SBS Transit operates three rail lines – the North East Line, the Downtown Line and the Sengkang-Punggol LRT.

ComfortDelGro’s shares closed one cent higher at $1.41 on Jan 24.

 

[dontwastetime]

5.1 billion contract = 1 cent gain

ComfortDelGro joint venture clinches $5.1 billion Stockholm Metro contract​

https://www.straitstimes.com/singap...-clinches-51-billion-stockholm-metro-contract

SINGAPORE - Transport giant ComfortDelGro has clinched a major contract to operate the Stockholm Metro system, further expanding the group’s international footprint.

Connecting Stockholm, the group’s joint venture with Go-Ahead Group, was awarded an 11-year contract worth more than 40 billion Swedish krona (S$5.1 billion) to run and maintain Stockholm Metro’s three existing lines – covering seven routes – from May 2025.

This is ComfortDelGro’s first rail contract in Sweden and will be its largest rail passenger operation outside of Singapore, the group said in a statement on Jan 24.

On a work day, the metro serves more than 1.2 million passengers in the Swedish capital. It includes 100 stations, six depots and 107km of track.

Connecting Stockholm will handle customer service, planning and delivery of rail services, as well as fleet, station and depot facility maintenance.

The contract will also allow Connecting Stockholm to provide project support for Trafikforvaltningen, the Stockholm Public Transport Administration, to develop and expand the metro system in future. Stockholm is building extensions to its three-line metro network and a fourth line.

ComfortDelGro holds a 45 per cent stake in the joint venture. Its partner Go-Ahead is the majority owner of British rail network Govia Thameslink Railway, with experience in rail operations in Norway and bus services in Sweden.

The Stockholm Metro is currently run by Hong Kong’s MTR, whose concession agreement ends in 2025. MTR has been operating the rail system for 14 years, since 2009.

According to MTR’s annual report, Stockholm Metro is operated by MTR Tunnelbanan AB, a fully owned subsidiary of MTR Nordic AB, which is wholly owned by MTR Corp.

ComfortDelGro had faced competition from MTR and Singapore’s dominant rail operator SMRT to operate the metro. Strides International Business, a business arm of SMRT, collaborated with France’s Transdev Group to bid for the contract.

The latest contract brings the total length of rail operated by ComfortDelGro to 317km, and comes after the group was awarded a contract in July 2023 to operate the south sector of Paris’ Line 15 for an initial term of six years, with an opportunity for an extension to nine years.

In 2021, the group won a $1.13 billion contract to operate rail services in Auckland in a joint venture with Australian operator UGL Rail Services.

ComfortDelGro chairman Mark Greaves said the group’s active expansion into the international rail scene is part of its strategy to grow its core public transportation business into new regions.

In Singapore, ComfortDelGro’s subsidiary SBS Transit operates three rail lines – the North East Line, the Downtown Line and the Sengkang-Punggol LRT.

ComfortDelGro’s shares closed one cent higher at $1.41 on Jan 24.

 

[mastermember]

Mana... drop! Sell on news

 

[dontwastetime]

Market din even bulge.. and dropped on news somemore.

Usless CEO should be jailed and caned, cause more damage to the citizens (share holders) than iswran

 

[limster]

Market din even bulge.. and dropped on news somemore.

Usless CEO should be jailed and caned, cause more damage to the citizens (share holders) than iswran

One glance at Comfort Delgro vs STI ETF shows that CDG has outperformed STI a lot.

CDG is one of my big holdings and excluding dividends, its already green for me. The dividend adds an extra 3%++ each year.

If you are unable to make money investing in CDG, then maybe you have to rethink your investing strategy rather than asking for the CEO to be arrested.

 

[dontwastetime]

One glance at Comfort Delgro vs STI ETF shows that CDG has outperformed STI a lot.

CDG is one of my big holdings and excluding dividends, its already green for me. The dividend adds an extra 3%++ each year.

If you are unable to make money investing in CDG, then maybe you have to rethink your investing strategy rather than asking for the CEO to be arrested.

 

[limster]

the price has been slowly creeping upwards.

P/E ratio currently about 15, plus a large cash pile. I got confidence that CDG will be able to grow earnings by at least 10% for 2023, in which case, price should rise by 10% to maintain the 15x P/E.

The electrification drive will eventually benefit CDG more than its competitors, especially if it profits from the CDG Engie charging network as well. There are no moves by Grab to provide their own EV charging points, so Grab drivers once they are forced to electrify (either by regulations or by because petrol taxes will continue to rise) will have to use SP or CDG Engie chargers.

I still feel $1.30 is an achievable target price by the end of the year, or worst case, Jan/Feb 2024.

Bought some at $1.13. Queueing for more at $1.12

Looks like your market timing is bad, buy at high price, end up -9%. Last year can buy for $1.1x, so cheap, sure make money. Why not follow me and buy at $1.1x also?

 

[DevilPlate]

Looks like your market timing is bad, buy at high price, end up -9%. Last year can buy for $1.1x, so cheap, sure make money. Why not follow me and buy at $1.1x also?

I follow u buy but i sold liao.

Profit margin is super thin for cdg….
Those new contracts in EU….kena one riot jialat liao

 

[limster]

I follow u buy but i sold liao.

Profit margin is super thin for cdg….
Those new contracts in EU….kena one riot jialat liao

I think its a good idea to take profits. I don't think there is much upside left. It is more of a slow and steady stock, where the price will track the EPS. If earnings go up slowly, price should go up slowly as well.

 

[jtsh55]

ComfortDelGro reports FY2023 earnings of $180.5 mil, 4.3% higher y-o-y

ComfortDelGro has reported earnings of $180.5 million for the FY2023 ended Dec 31, 2023, 4.3% higher y-o-y.

Without the one-off gain of $30.5 million from the disposal of the Alperton property in London, earnings rose by 26.6% y-o-y.

Revenue rose by 2.6% y-o-y to $3.88 billion with better performance seen from the taxi and private hire segment as personal transport demand in Singapore remained high.

“We are encouraged by our strong performance and the sustained recovery across all segments in 2023. Our global rail business has demonstrated notable growth, as shown by our recent successes in Europe," says Cheng Siak Kian, managing director and group CEO of ComfortDelGro C52 2.22% .

"We remain focused on executing our strategy by leveraging our expertise in public transport to win new tenders in existing and new geographies, growing our point-to-point mobility business and expanding our service offerings in our key markets,” he adds.

The group has proposed a final dividend of 3.76 cents per share, bringing FY2023’s total dividend to 6.66 cents a share, representing a payout ratio of 80%.

As at Dec 31, 2023, cash and cash equivalents stood at $856.9 million.

Shares in ComfortDelGro closed 2 cents lower or 1.46% down at $1.35 on Feb 29.

 

[Mephist0pheLes]

sold this sh!t with a 22% loss even after including dividend lol.

 

[Shion]

ComfortDelGro wins contracts worth $720 million to operate buses in Manchester​

https://www.theedgesingapore.com/ne...ts-worth-720-million-operate-buses-manchester

ComfortDelGro has won contracts worth £422 million, or $720 million, to run public buses in the UK for five years.

The contracts, won by its UK unit Metroline, were given by the Greater Manchester Combined Authority (GMCA).

The contracts come with options to be extended for two, one-year terms.

Under these contracts, Metroline will operate 232 different services using 420 buses and over 1,350 employees, which adds twice as many services and a 30% increase over its London portfolio.

"We are honoured to be a partner in Greater Manchester’s transportation story and look forward to other new bus franchise opportunities in the Northwest and across the UK in the future," says managing director and group CEO Cheng Siak Kian.

"This aligns with our broader strategy to strengthen and strategically grow our core public transportation and point-to-point businesses and solidify our reputation as the multi-modal transport operator of choice," says the company's chairman Mark Greaves.

ComfortDelGro's UK unit, Metroline, is the fourth largest scheduled bus operator in London and operates about 17% of the city's scheduled bus services.

Metroline is part of ComfortDelGro’s wider operations in the UK, which include Argyle Satellite, Adventure Travel, CityFleet Networks, Computer Cab, KingKabs, Scottish Citylink Coaches, Megabus and Westbus Coach Services.

These companies operate in 23 different towns and cities, offering different kinds of transport services via buses, coaches, taxis, and private hire vehicles.

Post-pandemic, ComfortDelGro is steadily expanding its overseas presence.

Earlier this year, it bought UK-based CMAC Group, a leading ground transport management and accommodation network specialist.

It is active in Australia too, with the recent completion of A2B Australia.

ComfortDelGro shares closed at $1.40 on March 28, down 0.71% for the day.

 

[limster]

I went to Yahoo finance to look at the C52 vs STI 1 yr chart and this is what I got.....

Edit - chart problem. I refreshed it to 8 April and got a different figure. For some reason the start point of the original 1 year chart is different. So I am a bit early. Once we reach the 1 year mark of the crash in June 2023, the 1 year return will shoot up to 40%...

Not confident that it will hit the $1.40 TP within 1 year especially since XD will result in a further price drop.

However, $1.30 in 1 year should not be a problem, and maybe $1.50 in 2 years.

This is my call from 1 year ago! I would not have expected a boring stock like CDG to gain 40% and also pay big dividends, all in 1 year! Power of CD!

 

[DevilPlate]

I went to Yahoo finance to look at the C52 vs STI 1 yr chart and this is what I got.....

Edit - chart problem. I refreshed it to 8 April and got a different figure. For some reason the start point of the original 1 year chart is different. So I am a bit early. Once we reach the 1 year mark of the crash in June 2023, the 1 year return will shoot up to 40%...






This is my call from 1 year ago! I would not have expected a boring stock like CDG to gain 40% and also pay big dividends, all in 1 year! Power of CD!

Stockpicking + Market timing

Many earlier investors giving up hope to breakeven liao LOL

 

[Shion]

Gojek and ComfortDelGro Taxi join hands to take on each other’s unfulfilled ride bookings​

https://www.straitstimes.com/singap...ake-on-each-other-s-unfulfilled-ride-bookings

SINGAPORE - From April 29, unfulfilled rides on ride-hailing firm Gojek’s GoCar private-hire car service will be made available to ComfortDelGro taxi drivers.

Providing details of their partnership on April 23, Gojek Singapore and ComfortDelGro Taxi said they will roll out the second phase of their tie-up, which will allow Gojek drivers to take on unfulfilled ComfortDelGro Taxi rides, “in the near future”.

ComfortDelGro is Singapore’s largest taxi operator, with 8,724 taxis as at February.

The partnership, announced in November 2022, will use a cross-dispatch model, where rides that are not taken up by one platform will be sent to the other.

The ComfortDelGro website states there will be no difference in the way that its drivers would accept jobs.

Those using its “auto accept” function will be able to automatically accept jobs under this partnership, for example.

Gojek passengers matched with a ComfortDelGro taxi will see the taxi company’s icon appear as the driver’s picture, along with the vehicle type and plate number.

When contacted by The Straits Times, Gojek declined to answer questions relating to the number of private-hire cars on its platform, how commissions and fees would be split between the two companies, and the current fulfilment rate of GoCar rides by Gojek drivers. ComfortDelGro did not respond to queries.

According to the ComfortDelGro website, fares of more than $9 shown on mobile data terminals in taxis and its Zig driver app include a 7 per cent driver commission, but do not cover platform and payment transaction fees.

The aim of the partnership is to tackle a shortage of drivers.

The two companies said the tie-up means drivers can earn more, owing to more rides being available, without having to download any additional app.

It will also shorten waits for passengers, who will pay the same fare for their ride, they added.

All extra fees applicable to a GoCar ride will continue to apply to rides fulfilled by ComfortDelGro taxis.

Right now, for instance, Gojek applies a platform fee of between 60 cents and $1 for every trip.

Gojek and ComfortDelGro said that because taxis operate on a two-shift system, a more consistent supply of rides will be available throughout the day.

The two firms said they are committed to exploring other areas of partnerships as well. These include electric vehicles and other revenue opportunities, as well as areas such as insurance, driver training and vehicle maintenance.

Mr Lien Choong Luen, general manager of Gojek Singapore, said: “With this partnership, drivers will be able to see higher demand and improved earnings, while commuters can look forward to greater availability of rides with shorter waiting times.”

Mr Jackson Chia, chief executive of ComfortDelGro Private Mobility Group, which runs its taxi business, said the combination of fleets in a cross-dispatch model allows for greater availability and shorter waits during non-peak hours.

Gojek’s tie-up with ComfortDelGro comes amid a decline in Singapore’s taxi fleet, from 20,256 taxis in February 2019, to 13,436 taxis in February 2024.

In March, the authorities announced moves to arrest this drop, including changes to regulatory requirements, such as extending the statutory lifespan of non-electric cabs from eight to 10 years.

Mr Ray Qiu, 52, a ComfortDelGro taxi driver of 12 years, said the partnership would not benefit him because of the consistently low fares for both Gojek and taxi rides that would discourage him from accepting bookings.

Gojek driver Desmond Ng, 42, said pickups for Gojek rides are usually far away – more than 3km, at times – and the fares charged do not match the distance travelled.

Mr Ng added that he is concerned the partnership may increase competition with ComfortDelGro’s taxi drivers.

Psychology undergraduate Shariffah Aisyah Aljunied, who takes Gojek rides to her university once a week, said that during peak hours, it can take up to 15 minutes for her Gojek ride to arrive. During non-peak hours, the wait can last up to 10 minutes.

The 19-year-old added: “⁠ComfortDelGro will benefit from this as it is not as popular as Gojek, and commuters will also benefit from this as it ensures they get a ride quicker.”

Pre-school teacher Rubeina Arafa Ali, 20, who uses Gojek about five times a week, said: “It’s great that two ride platforms are collaborating, and I hope that through this, their services for rides will be more efficient and fast, so people can get to work more easily.”

 

[Shion]

ComfortDelGro posts 23.8% rise in Q1 net profit on higher fees and fares​

https://www.straitstimes.com/busine...ise-in-q1-net-profit-on-higher-fees-and-fares

SINGAPORE - Land transport conglomerate ComfortDelGro on May 14 posted a 23.8 per cent rise in year-on-year profit after tax and minority interests (Patmi) to $40.6 million in the first quarter ended March 31, 2024, from $32.8 million a year earlier.

Revenue rose 10.8 per cent to $1 billion, from $906.4 million over the same period.

The company attributed this to higher revenue generated from its public transport, taxi and private-hire vehicles, as well as other private transport segments.

Meanwhile, it attributed its increased Patmi to lower rental discounts in Singapore and China. It also noted that its Patmi margin for the quarter rose to 4 per cent, from 3.6 per cent a year ago.

The company also began charging platform fees for bookings made via its CDG Zig app here from July 1, 2023, as well as higher taxi commission rates and fares from December 2023.

The stronger results came despite public transport contract renewals in Australia coming in at lower margins, as well as lower taxi and private-hire booking volumes of about seven million, versus about eight million a year earlier.

ComfortDelGro saw net interest income rise to $7.6 million due to additional dividends from Australian taxi network operator A2B Australia, from $4 million a year earlier.

The company had announced in December last year that it would acquire all shares that it does not own in A2B Australia for A$165.1 million (S$147.7 million). A2B Australia shareholders voted in favour of the deal on March 25.

Still, ComfortDelGro’s net cash position as at March 31, 2024, fell to $437.4 million, from $497.5 million in December 2023.

It attributed this to an increase in borrowings and a reduction of available facilities due to the acquisition of United Kingdom-based transport-management specialist CMAC Group, which concluded in February 2024.

In the first quarter of this year, the company noted that it has received four bus franchises in Greater Manchester that comprise 232 different services served by 420 buses and over 1,350 employees. The expansion will add to a 30 per cent increase in the company’s public bus portfolio in London.

Shares of ComfortDelGro fell 0.7 per cent to $1.44 on May 14, before its financial results were released. THE BUSINESS TIMES

 

[xXxJavierxXx]

Post covid recovery is on going. Hope there's finally light at the end of the tunnel.

 

[Shion]

ComfortDelGro wins $1.4 billion worth of bus tenders in Australia​

https://www.straitstimes.com/busine...a16-billion-worth-of-bus-tenders-in-australia

SINGAPORE - Land transport operator ComfortDelGro’s (CDG) Australian unit has bagged contracts to operate three bus franchises worth around A$1.6 billion (S$1.4 billion) in Victoria, Australia.

Through its subsidiary CDC Victoria, ComfortDelGro Corporation Australia (CDG Australia) was awarded the contracts within the Victorian Department of Transport and Planning’s Metropolitan Zero Emission Bus (ZEB) Franchises tender process.

On Sept 4, CDG said the latest win represents a 30 per cent growth to its Victoria public bus business, which serves 20 per cent of Melbourne’s metropolitan network.

It will see CDG Australia acquire an additional 86 buses, bringing its total fleet number for its Melbourne metropolitan contracts to 369.

The contracts are for a 10-year term and will commence in July 2025. They collectively comprise 250 public bus and school routes serviced by more than 360 buses.

Buses and depots under the new franchises will be funded as part of the contracts. They will transition to full ZEB operations prior to the end of the contract term.

CDG said the transfer of ownership of existing bus depots will give rise to a one-off profit on sale.

Assuming the new contracts had taken effect on Dec 31, 2023, this would have brought the group’s net asset value per share as at end-2023 to $1.21, up from $1.20.

Had it been effected on Jan 1, 2023, earnings per share for fiscal year 2023 would have been 8.99 cents versus 8.33 cents.

CDG chairman Mark Greaves said the new zero-emission bus tenders underscore the group’s commitment to electrifying its fleet and reducing its environmental footprint.

To date, the group manages more than 2,800 public buses and coaches across six states and territories within Australia. It also operates the country’s largest taxi network.

“We are proud to support governments in building safe, reliable, and sustainable transportation systems for the communities they serve,” said Mr Greaves.

Shares of CDG ended Sept 4 at $1.43, up 1.4 per cent or 2 cents. THE BUSINESS TIMES