SGX: Analysts are Still Bullish on ComfortDelgro’s Share Price

ComfortDelGro Corp. Limited (SG:C52) has faced challenges in its stock performance over the past few years, with a decline of 22% in the last year. The company’s recovery in riders has been overshadowed by high inflationary costs, resulting in lower margins. According to analysts, the stock is still a Buy and could gain more than 30% in price.

ComfortDelGro is one of the leading transport companies in the world, with a fleet of buses, taxis, and other rental vehicles. The company has operations in seven countries worldwide.

What Lies Ahead?

In 2022, the company witnessed a solid recovery in its operations after facing two years of hardships. The company’s taxi division saw solid growth in its operating profit from S$18.5 million to S$52.1 million in 2022. Analysts expect this trend to continue, and the company could also see margin improvements in 2023.

Analyst Shekhar Jaiswal from RHB Capital believes that as more and more employees return to the office, along with the rebound of leisure activities, public transport usage will increase in 2023. Jaiswal sees this as one of the driving factors for higher earnings for the company.

24 days ago, he reiterated his Buy rating on the stock and forecast an upside of 21.3%.

DBS analyst Andy Sim is also bullish on the stock and four days ago confirmed his Buy rating. Sim’s price target of S$1.62 indicates a potential growth rate of over 55%.

Is ComfortDelGro a Good Buy Now?

According to TipRanks, C52 stock has a Moderate Buy rating, based on four Buy and four Hold recommendations.

The C52 price forecast is S$1.34, which shows an upside of 30.5% on the current price level.


After facing challenges in its operations, analysts see the light at the end of the tunnel. They expect a stable recovery in the company’s earnings and also forecast a 30% growth in the share price.