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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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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