COMFORTDELGRO CORP

COMFORTDELGRO CORP | BUY

OCT 11 CLOSE: $2.14

TARGET PRICE: $2.59

UOB Kay Hian, Oct 11

Management's remarks tie in with our view that ComfortDelGro's taxi business is on the mend. The share price appears to be priced for perfection in 2018: Positives from this year have already been reflected.

Upside will stem from earnings growth in 2019, arising from recognition of earnings from acquisitions made in 2018. Given the dynamics, a mini-sell-off could be triggered if results miss expectations.

Maintain "buy" and target price of $2.59. Dividend yield remains attractive at 4.7 per cent, and its defensive nature will provide share price support.

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