ComfortDelGro Corporation Limited – the Singapore-listed transport group behind buses, rail and those ubiquitous blue-and-yellow taxis – is quietly in the middle of a big strategic pivot. Revenue and profits are growing, the dividend yield is fat, and the company is betting hard on electric fleets and autonomous vehicles.
Yet the share price still trades well below most analyst targets, and short‑term technical signals are cautious.
Here’s a deep dive into where ComfortDelGro stock stands today, 2 December 2025, and what the latest news and forecasts suggest for investors watching SGX:C52.
Share price snapshot: SGX:C52 on 2 December 2025
ComfortDelGro shares are trading around S$1.44 today, essentially flat in early trading. [1]
At this level:
- Market capitalisation is roughly S$3.1 billion. [2]
- The stock sits about 12% below its 52‑week high and above its S$1.34 low, after a modest decline of about 1–2% over the past year. [3]
Technical analysis platform StockInvest.us notes that C52 is in a “narrow and falling” short‑term trend, calling it a sell candidate after a two‑week slide of roughly 2%. Their model expects the stock to trade mostly between S$1.39 and S$1.44 over the next three months, with a fair opening price of S$1.44 projected for 2 December. [4]
So price action is subdued. The fundamentals and news flow, however, tell a more interesting story.
Earnings momentum: solid FY2024, strong 1H and 3Q 2025
FY2024: the growth reset
ComfortDelGro’s FY2024 numbers, released in February 2025, marked a clear post‑pandemic reset:
- Revenue: S$4.48 billion, up 15.4% year‑on‑year.
- PATMI (profit after tax and minority interests): S$210.5 million, up 16.6%.
- Operating profit: S$322.9 million, up almost 19%. [5]
Growth was driven mainly by:
- UK public transport, where bus contracts were renewed on better margins.
- Taxi & private hire, where higher commissions and fares in Singapore plus contributions from newly acquired A2B (Australia) and Addison Lee (UK) gave a big lift. [6]
Overseas operations now contribute nearly half of group revenue and around 35% of operating profit, up sharply from the prior year – a big structural change for what used to be a very Singapore‑centric group. [7]
1H 2025: overseas growth accelerates
For the first half of 2025, ComfortDelGro reported:
- Revenue of about S$2.42 billion, up 14.4% year‑on‑year.
- PATMI of S$106 million, up 11.2%. [8]
Key points from management’s commentary:
- Public transport operating profit jumped nearly 30% year‑on‑year, mainly from UK buses (London contract renewals and the start of Greater Manchester “Bee Network” franchises).
- Taxi & private hire operating profit rose around 20%, helped by full contributions from Addison Lee and A2B, despite intense competition in Singapore and ongoing economic softness in China. [9]
- Overseas revenue exceeded 50% of the total for the first time; overseas operating profit grew almost 68%. [10]
3Q & 9M 2025: UK buses carry the team
The 3QFY2025 business update and coverage from The Business Times paint the picture of an operator riding a wave of overseas contracts – but also taking on more leverage to fund them. [11]
For 3Q 2025 (quarter ended 30 September):
- Revenue: around S$1.3 billion, up 12.9% year‑on‑year.
- PATMI: S$70.4 million, up 22.4% year‑on‑year.
- PATMI margin improved to 5.3% from 4.9%. [12]
Year‑to‑date to September 2025:
- Revenue: roughly S$3.75 billion, up 13.9% vs the same period in 2024.
- PATMI: S$176.4 million, up 15.4%. [13]
Segment highlights:
- UK public transport remained the star, with London bus contract renewals at higher margins and new Manchester contracts kicking in.
- The taxi & private‑hire segment saw revenue jump more than 40% year‑on‑year to about S$258 million in 3Q, but operating profit there actually fell as competition in Australia’s ride‑hailing market squeezed margins. [14]
One important datapoint: ComfortDelGro’s net debt climbed from about S$218 million at end‑2024 to roughly S$696 million by 30 September 2025, reflecting heavy capex for new UK and Australian fleets plus the acquisition of the remaining stake in CityCab (more on that below). [15]
Big strategic moves: CityCab, Manchester, Stockholm… and robotaxis
ComfortDelGro has been busy reshaping its portfolio through contracts and acquisitions. In 2024–25 it:
- Secured seven new overseas bus franchises, including four in Greater Manchester, marking its first bus operations outside London and boosting its UK bus portfolio by about 30%. [16]
- Expanded its Victoria (Australia) bus portfolio by about 30% through new and renewed contracts, including zero‑emission bus franchises that required significant fleet investment. [17]
- Won, via joint ventures, major rail contracts:
- The Stockholm Metro operation (with Go‑Ahead Group) starting in late 2025.
- The Jurong Region Line in Singapore from 2027, in partnership with RATP Dev. [18]
CityCab: doubling down on Singapore taxis
On 1 September 2025, ComfortDelGro bought the remaining 46.5% stake in CityCab from ST Engineering Land Systems for S$116.3 million, turning CityCab into a wholly‑owned subsidiary. [19]
CDG already managed CityCab as part of its Singapore taxi business; the rationale for full ownership is:
- To strengthen its core point‑to‑point business in Singapore.
- To better integrate CityCab into its broader global taxi and private‑hire platform.
- The deal is expected to be earnings‑accretive, funded via bank debt. [20]
The acquisition is one reason group net debt has risen sharply, but it also consolidates a key part of CDG’s home‑market ecosystem just as competition from ride‑hailing platforms remains intense.
Autonomous shuttles in Punggol & the Hello Robotaxi tie‑up
ComfortDelGro is also leaning hard into autonomous vehicles (AVs), in a way that feels more “infrastructure operator” than “Silicon Valley moonshot”.
Two recent announcements matter for the stock’s long‑term story:
- Autonomous shuttle in Punggol (Zig Driverless)
- Announced in September 2025, CDG will launch an autonomous shuttle service in Punggol in early 2026, under the Zig Driverless brand.
- The project extends its partnership with Pony.ai, using AVs equipped with lidar, radar and cameras, with rides bookable via the ComfortDelGro Zig app. [21]
- It builds on earlier AV trials in Guangzhou and Singapore, giving CDG operational know‑how in fleet management and safety systems for driverless vehicles. [22]
- MoU with Hello Robotaxi (China and beyond)
- In late November 2025, ComfortDelGro (China) signed a memorandum of understanding with Hello Robotaxi, a Chinese L4 robotaxi company backed by Alibaba, Ant Group and CATL. [23]
- Hello Robotaxi has unveiled a mass‑produced robotaxi and plans commercial operations in up to 10 cities by 2026, targeting a fleet of more than 10,000 vehicles. [24]
- The partnership aims to deploy robotaxi services using CDG’s point‑to‑point platform and to build an intelligent dispatch system for hybrid fleets (human‑driven + autonomous), covering issues like battery swapping, safety‑officer training and grid management. [25]
In plain English: ComfortDelGro wants to be the operator and orchestrator of AV fleets, not just a customer. That has obvious strategic optionality if robotaxis move from sci‑fi to boring everyday reality over the next decade.
The quiet powerhouse: Vicom’s contribution
Investors sometimes forget that ComfortDelGro controls Vicom, Singapore’s dominant vehicle inspection and testing business.
In 3QFY2025, Vicom reported:
- PATMI of S$9.9 million, up 45% year‑on‑year.
- Revenue of S$41.6 million, up 36%.
- For the first nine months of 2025, PATMI grew 22% year‑on‑year. [26]
The surge is partly due to the mass installation of new on‑board units for Singapore’s ERP 2.0 system, a trend ComfortDelGro’s own outlook notes as a tailwind for inspection & testing revenue. [27]
While Vicom is separately listed, its growth feeds into CDG’s consolidated results and supports the narrative that parts of the group have strong, highly cash‑generative, quasi‑regulated earnings.
Dividend profile: a high‑yield transport play
ComfortDelGro has quietly become one of Singapore’s more attractive high‑yield stocks.
Key facts:
- For FY2024, the group paid a total dividend of 7.77 Singapore cents per share, representing 80% of PATMI. [28]
- In 2025 so far, shareholders received:
Across the last 12 months, data providers estimate an annual dividend of about S$0.078 per share, equating to a trailing yield of roughly 5.4% at today’s price. [31]
Consensus forecasts compiled by Growbeansprout suggest the dividend could edge up to S$0.08 in 2025, implying a forward yield of about 5.6% at S$1.44, and note that this is above CDG’s historical average yield. [32]
In other words: you’re being paid mid‑single‑digit yield while you wait for the earnings expansion to show up in the share price – assuming the payout ratio remains around 75–80%.
What are analysts saying about ComfortDelGro stock?
Despite the sleepy share price, sell‑side analysts are overwhelmingly bullish.
Consensus targets
On 2 December 2025, Growbeansprout’s aggregation of SGX data shows a consensus target price of about S$1.693, implying roughly 18% upside from S$1.44. [33]
Individual brokers cited there include:
- DBS Research – BUY, TP S$1.80
- Maybank Research – BUY, TP S$1.64
- OCBC Investment Research – BUY, TP S$1.71
- Phillip Securities – BUY, TP S$1.68
- RHB Research – BUY, TP S$1.75
- UOB Kay Hian – BUY, TP S$1.71 [34]
Stockopedia, which blends fundamental and technical factors into its StockRank system, classifies ComfortDelGro as a “Super Stock” with a composite score of 94/100 and cites a similar analyst consensus target of around S$1.74, about 21% above the last close. [35]
TradingView’s forecast page, aggregating eight analysts over the past three months, also reports a 12‑month price target of S$1.73 (range S$1.62–S$1.80) and tags the rating as “strong buy”. [36]
RHB: “Attractive yield counter”
RHB’s latest update on 17 November 2025 kept its BUY rating and S$1.75 target, arguing that:
- 3Q25 results were robust, with 9M25 earnings at about 72% of its full‑year forecast.
- Growth is driven by overseas acquisitions, improved margins in UK buses, and gains from depot disposals in Victoria.
- Earnings growth should remain mid‑teens into 2026, as the Stockholm rail contract contributes and UK bus profitability improves further.
- At current levels, investors get roughly a 6% FY25F yield on top of that growth. [37]
So the fundamental camp (analysts, valuation screens) sees a relatively cheap, growing business with a juicy dividend; the technical camp sees a stock stuck in a short‑term downtrend.
Valuation: not expensive for an infrastructure‑like franchise
Based on Stockopedia’s numbers:
- Forward P/E: around 12–13x next‑year earnings.
- Price‑to‑book: about 1.2x.
- Forward dividend yield: ~6.3% by their estimate. [38]
These are hardly nosebleed multiples for:
- A global transport operator with regulated and contracted revenue streams.
- Strong market positions in buses and metros across several developed markets.
- A stated commitment to maintain 80% dividend payout, at least for now. [39]
Simply Wall St and other platforms also emphasise the relatively high dividend yield versus the broader Singapore market and note that payouts are largely covered by earnings, even if free cash flow can be lumpy given heavy capex cycles. [40]
Key risks and what to watch in 2026
This is not a risk‑free ride. Several pressure points could explain why the market remains cautious despite bullish broker notes.
- Rising leverage
- Net debt has jumped to roughly S$700 million as CDG funds electric bus fleets, new franchises and acquisitions like CityCab and Addison Lee. [41]
- RHB estimates the group still has borrowing headroom – but investors will be watching interest costs and gearing ratios closely through the FY2025 results.
- Singapore bus contract churn
- The Jurong West bus package expired in 2024, and the Tampines package is set to transfer to another operator in 2026, implying lower bus revenue and profit from Singapore even as rail earnings improve with fare hikes and higher ridership. [42]
- Taxi & private‑hire competition
- Management has repeatedly flagged that the B2C mass‑market taxi/PH segment remains under pressure, with new ride‑hailing entrants and aggressive promotions in Singapore and Australia. [43]
- CityCab’s consolidation and a focus on premium and B2B segments (including Addison Lee, A2B, CMAC) are designed to lift margins – but this takes time.
- Execution risk on AV and overseas rail
- Robotaxis and AV shuttles are promising, but commercially unproven at scale. CDG’s strategy is conservative by tech‑startup standards, yet there is still regulatory, reputational and capital‑allocation risk. [44]
- New rail franchises like the Stockholm Metro require flawless operational delivery; cost overruns or service issues could hurt margins or reputations.
- Macro and FX exposure
- With more than half of revenue now overseas, earnings are more sensitive to GBP, AUD, SEK and other currencies, as well as local wage and fuel dynamics. [45]
So where does that leave ComfortDelGro stock?
Putting it all together:
- Operationally, ComfortDelGro is in far better shape than a few years ago: revenue and earnings are growing at mid‑teens rates, overseas diversification is real, and businesses like Vicom and inspection/testing are quietly throwing off cash. [46]
- Strategically, the group is leaning into long‑duration, relatively defensive assets (UK buses, European metros) while taking calculated options on future mobility via autonomous shuttles and robotaxis. [47]
- For income investors, a 5–6% dividend yield with a long track record of payouts and an explicit 80% payout policy is compelling, though it does mean less retained cash to self‑fund capex. [48]
- Valuation screens as undemanding: low‑teens P/E, ~1.2x book and 20%‑ish upside to consensus target prices, according to multiple independent sources. [49]
Balancing that, investors have to be comfortable with:
- Higher leverage than in the past.
- Short‑term softness in Singapore bus and taxi earnings.
- The usual contract and regulatory risks that come with being married to public‑transport authorities around the world.
None of this is personal investment advice; it’s a map of the current terrain. On 2 December 2025, the broad picture is of a cash‑generative, increasingly international transport operator whose share price hasn’t yet caught up with its earnings recovery, while short‑term technicals remain lukewarm.
References
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