- ComfortDelgro (CDG) has been a relative laggard (+1.4% YTD) compared to other reopening plays.
- We believe the market will re-rate the stock once the group is able to consistently deliver core EPS growth, driven by better operating leverage.
- In our view, this should come on the back of recovery in ridership across its key geographies, and continued declines in fuel prices.
Excerpts from Maybank report
ComfortDelgro (SGX: C52)