ComfortDelGro Corporation Limited (SGX:C52) is quietly turning from a domestic bus-and-taxi stalwart into a global, tech‑tilted transport platform – while still yielding more than 5% a year.
As of midday trading on 8 December 2025 in Singapore, ComfortDelGro’s share price is about S$1.43, giving the group a market capitalisation of roughly S$3.1 billion. SG Investors Over the past 12 months the stock is modestly down (about –2.7%) but has delivered rising dividends and double‑digit earnings growth, especially from its overseas operations. StockAnalysis
At the same time, analysts remain broadly positive, with consensus 12‑month price targets implying upside from current levels, even as short‑term technical models flag a weak trading pattern. StockInvest
Here’s a deep dive into where ComfortDelGro stands today – on fundamentals, strategy, dividends and forecasts – as of 8 December 2025.
Share price and valuation snapshot (8 December 2025)
Based on recent data:
- Share price: S$1.43–1.44 (intraday on 8 Dec; last official close S$1.44 on 5 Dec 2025). SG Investors
- Market cap: ~S$3.12 billion. StockAnalysis
- Trailing 12‑month revenue: about S$4.78 billion; net profit ~S$221 million. StockAnalysis
- Earnings per share (EPS, TTM): about S$0.10. StockAnalysis
On valuation, the stock looks reasonably priced rather than speculative:
- Trailing P/E: ~14.1x; forward P/E: ~13.6x. StockAnalysis
- Price‑to‑sales: ~0.65x; price‑to‑book: ~1.0x. StockAnalysis
- Beta (5‑year): ~0.19 – much less volatile than the broader market. StockAnalysis
Research platform Simply Wall St estimates that ComfortDelGro trades at a discount to its “fair” P/E (14.1x vs an estimated 19.2x), and roughly in line with the Asian transportation industry average. Simply Wall St That reinforces the picture of a steady, income‑oriented stock rather than a high‑beta growth flyer.
Earnings momentum: 2024–2025 in focus
Strong 2024 as a launchpad
According to analysis collated by MatrixBCG and brokers, ComfortDelGro’s FY2024 revenue reached around S$4.48 billion, up about 15% year‑on‑year, while net profit after tax and minority interests (PATMI) increased roughly 17% to S$210.5 million. Matrixbcg Overseas revenue climbed to about 49% of total sales in 2024, up from 42.6% in 2023, fuelled by acquisitions like CMAC in the UK, A2B in Australia and Addison Lee in London. Matrixbcg
That set the stage for an even stronger 2025.
1Q 2025: eight straight quarters of improvement
In the first quarter of FY2025:
- Net profit rose about 19% year‑on‑year to S$48.3 million.
- Revenue climbed roughly 16% to S$1.17 billion. Matrixbcg
This marked the eighth consecutive quarter of earnings improvement, driven by new UK contracts, better margins and contributions from the newly acquired businesses.
1H 2025: overseas revenue surpasses 50%
The half‑year numbers, released in August 2025, showed the growth story broadening: ComfortDelGro
- Revenue: S$2.42 billion (+14.4% YoY).
- PATMI: S$106.0 million (+11.2% YoY).
- Operating profit: S$172.5 million (+22.8% YoY).
- EBITDA: S$364.9 million (+16.1% YoY).
Crucially, overseas revenue exceeded 50% of group turnover for the first time, and overseas operating profit surged nearly 68% year‑on‑year, helped by full contributions from Addison Lee, CMAC and A2B. ComfortDelGro
Segment performance in 1H 2025:
- Public Transport operating profit rose roughly 30%, driven mainly by higher‑margin UK bus contracts and the ramp‑up of the Greater Manchester bus franchises.
- Taxi & Private Hire operating profit gained about 21%, with A2B and Addison Lee offsetting tougher competition in Singapore and a weaker China taxi market. ComfortDelGro
3Q 2025: robust quarter, heavy capex
The 3Q 2025 business update, released in November, underlined that momentum: Tiger Brokers
- 3Q 2025 revenue: ~S$1.3 billion (+12.9% YoY).
- 3Q PATMI: S$70.4 million (+22.4% YoY and QoQ).
- Profit margin: improved to about 5.3% from 4.9% a year earlier.
For the first nine months of 2025:
- Revenue: S$3.8 billion (+13.9% YoY).
- PATMI: S$176.4 million (+15.4% YoY). Tiger Brokers
Public Transport remained the backbone, with roughly S$2.4 billion of nine‑month revenue and S$136.1 million of operating profit, while Taxi & Private Hire contributed S$778.2 million of revenue and S$98.1 million of operating profit. Tiger Brokers
The flip side of this growth is heavy investment:
- Capital expenditure in the first nine months of 2025 reached about S$702.6 million, largely for buses in Greater Manchester and electric buses in London, plus ongoing taxi fleet electrification. Tiger Brokers
- As of 30 September 2025, ComfortDelGro held S$870.8 million of cash and short‑term deposits and had net debt of roughly S$695.6 million. Tiger Brokers
Trailing‑twelve‑month data from StockAnalysis shows free cash flow of about –S$204 million, with operating cash flow (~S$398 million) not yet covering capex (~S$602 million). StockAnalysis That’s typical of a capex‑heavy contract‑win phase, but it does mean dividend investors should keep an eye on leverage and cash generation.
International expansion: UK, Australia and Sweden in the spotlight
ComfortDelGro’s growth story is increasingly international, with several big moves outside Singapore.
According to MatrixBCG and company disclosures: Matrixbcg
- In the UK, Metroline has expanded beyond London into Greater Manchester, adding around 232 new routes and 420 buses, roughly a 30% increase in its local portfolio.
- In Australia, the group secured three bus franchises in Victoria worth about A$1.6 billion over 10 years, again representing roughly 30% growth in its Victorian public bus business.
- In Sweden, a joint venture is taking over the operation and maintenance of the Stockholm Metro from November 2025, ComfortDelGro’s largest rail contract outside Singapore.
At home:
- SBS Transit retained the Seletar bus package and is slated to operate the Jurong Region Line from 2027, while the group continues to bid for contracts such as metro lines in Copenhagen. Matrixbcg
- However, the group has lost the Jurong West bus package (from August 2024) and expects further drag when the Tampines bus package is handed over in 2026. SG Investors
Analysts at RHB highlight that UK bus operations are delivering sequential margin expansion as contracts are repriced at better economics, and they expect that trend to continue into 2026. SG Investors Phillip Securities likewise sees UK buses, plus the new Manchester and Stockholm rail contracts, as key earnings drivers over the next few years, even as Singapore taxi and bus profitability faces headwinds. POEMS
Robotaxis, AVs and AI: ComfortDelGro’s future bets
ComfortDelGro is not just adding more buses; it is quietly positioning itself for autonomous and electric mobility.
The company has been:
- Investing in robotaxis in China and autonomous shuttles in Singapore, and
- Invited to participate in Singapore’s national autonomous vehicle (AV) steering committee, helping shape the city‑state’s rollout of driverless transport. ComfortDelGro
In September 2025, Reuters reported that Chinese AV firm Pony.ai and ComfortDelGro plan to launch autonomous shuttle services in Singapore’s Punggol district, initially over a roughly 12‑km route, with operations expected after regulatory approval. Reuters This fits neatly with Singapore’s push to become a robotaxi hub and offers ComfortDelGro a route to address driver shortages using AV tech.
The group is also experimenting with new service formats. From late September 2025, ComfortDelGro began offering fixed‑fare taxi rides from Singapore to Johor Bahru’s Larkin Terminal in Malaysia for S$80, giving travellers another option on one of the world’s busiest land borders. The Economic Times
On the innovation and sustainability front, MatrixBCG’s profile of the company notes: Matrixbcg
- Around 60% of ComfortDelGro’s owned fleet already comprises “cleaner energy” vehicles (hybrid, electric or other low‑emission types).
- The group targets 90% of its car fleet and 50% of its bus fleet to be cleaner vehicles by 2030, with an ambition for a fully green fleet by 2040.
- Joint venture ComfortDelGro ENGIE commissioned its 1,000th EV charging point in Singapore in late 2024, covering 26 housing estates.
- A S$100 million green loan from DBS is supporting UK fleet decarbonisation, including 135 electric buses for Metroline.
- The company is piloting hydrogen buses in Australia and the UK, and installing solar systems at depots.
On the ESG scorecard, ComfortDelGro has been included in the Dow Jones Sustainability Asia Pacific Index and holds an “AA” rating from MSCI plus a “low risk” rating from Sustainalytics, according to MatrixBCG. Matrixbcg RHB even bakes a 6% ESG premium into its target price to reflect these credentials. SG Investors
Taken together, these moves suggest that AVs and clean transport are not side projects, but core to the long‑term thesis.
Dividend story: high yield, high payout
One of the main reasons investors follow ComfortDelGro is the dividend.
From SGX data and dividend trackers: StockInvest
- Over the last 12 months, ComfortDelGro paid total dividends of S$0.0816 per share (final 4.25 cents in May 2025, interim 3.91 cents in August 2025).
- At a share price of S$1.44, that works out to a trailing dividend yield of about 5.7%.
- GuruFocus notes that this yield is near the upper end of its 10‑year range (roughly 2.3%–7.9%), and above both the company’s long‑term median (~3.9%) and the broader transportation industry median (~3.0%). GuruFocus
Several data providers (GuruFocus, Yahoo Finance, StockAnalysis) estimate ComfortDelGro’s payout ratio around 75–80% of earnings, which they flag as elevated versus many industrial peers. GuruFocus
In plain terms:
- Pros: Investors currently receive a relatively high, growing cash yield. Dividend per share has risen at double‑digit rates in recent years as profits recovered from the pandemic. GuruFocus
- Cons: With free cash flow negative in the latest 12‑month period, and a large capex programme underway, the high payout ratio leaves less buffer if earnings stumble. StockAnalysis
For now, management appears comfortable maintaining an 80% payout policy, helped by strong operating cash flow and the expectation that regulators will eventually compensate a large portion of fleet investments (e.g. buses purchased for UK contracts). SG Investors But dividend‑focused investors should be aware that this generosity is not risk‑free.
Balance sheet and risk metrics
According to StockAnalysis, as of the latest twelve months: StockAnalysis
- Total debt: ~S$1.69 billion.
- Cash & equivalents: ~S$873 million.
- Net debt: ~S$816 million (about –S$0.38 per share).
- Debt‑to‑equity: ~0.56x.
- Interest coverage: ~6.8x EBIT.
The Altman Z‑Score sits around 2.2, which suggests higher bankruptcy risk than a rock‑solid balance sheet (Z ≥ 3), but far from distressed territory, while the Piotroski F‑Score of 7 signals generally sound fundamental quality. StockAnalysis
In short: leverage has risen, but remains moderate and manageable for a regulated transport operator with long‑term contracts – provided earnings continue to grow and capex normalises over time.
What are analysts and models saying now?
Street targets and earnings forecasts
Data collated by valueinvesting.io shows: Value Investing
- Average 12‑month target price:S$1.78.
- Target range: S$1.70–1.93.
- Implied upside from S$1.44: about 18%–24% before dividends.
- Consensus rating: overall “BUY” based on 13 analysts (1 hold, 8 buy, 4 strong buy).
Analysts also expect:
- Revenue to grow from about S$4.48 billion in 2024 to S$5.03 billion in 2025 (+12%) and then to S$5.19 billion in 2026 (+3%).
- EPS to rise roughly 13% in 2025 and 9% in 2026. Value Investing
RHB: “attractive yield counter” with UK‑led growth
RHB Securities’ latest report (19 November 2025) maintains a BUY rating and target price of S$1.75, implying around 20% upside plus an estimated ~6% FY25 dividend yield. SG Investors
Key points from RHB’s November note: SG Investors
- 3Q25 net profit of ~S$70 million and 9M25 earnings of S$176 million were broadly in line with its forecasts (about 72% of full‑year estimate).
- Growth was driven by strong overseas contributions, higher margins in the UK public transport arm and gains from depot disposals in Australia.
- Singapore operations (bus and taxi) remain soft, and RHB expects 4Q25 earnings to be relatively flat quarter‑on‑quarter.
- Looking into 2026, RHB anticipates mid‑teens earnings growth, backed by UK bus margin expansion, stabilisation of Singapore taxi/private hire and full‑year contributions from the Stockholm rail contract.
RHB explicitly frames ComfortDelGro as an “attractive yield counter” whose above‑market dividend yield is underpinned by expanding earnings and a still‑solid balance sheet.
Phillip Securities (POEMS): accumulate, but macro and taxi headwinds
Phillip Securities’ 17 November 2025 report assigns an “ACCUMULATE” rating with a DCF‑based target price of S$1.62, shaved from S$1.68 after it cut FY25 earnings forecasts by 8%. POEMS
Its key messages:
- 9M 2025 revenue was broadly in line, but net profit lagged expectations, with underlying profit up only around 2.5% year‑on‑year.
- Most divisions underperformed against its earlier assumptions due to soft macro conditions in the UK, driver shortages in Australia, and a sharper‑than‑expected contraction in the Singapore taxi fleet. POEMS
- Despite this, Phillip still expects growth driven by London bus repricing, easing Australian driver shortages and contributions from Manchester bus and Stockholm rail, while warning that Singapore taxi and bus profitability will likely decline. POEMS
Independent valuation models
Simply Wall St’s model suggests that ComfortDelGro is modestly undervalued, with its current P/E below both their fair P/E estimate and the peer average, while trading around book value. Simply Wall St
Overall, the Street view is positive but not euphoric: analysts see ComfortDelGro as a yield stock with credible growth, rather than a high‑multiple momentum play.
Short‑term technical picture: falling trend, cautious trading models
While fundamentals look solid, short‑term technical models are more cautious.
Technical analysis site StockInvest.us currently: StockInvest
- Lists ComfortDelGro as a “sell candidate” in its short‑term system.
- Notes the stock is trading in the middle of a narrow but falling short‑term trend channel, with no meaningful volume support below the current price.
- Projects, based on its trend model, a possible 2–3% decline over the next three months, with a 90% probability that the price ends that period between S$1.37 and S$1.43.
- At the same time, its pattern recognition has identified a double‑bottom formation from 21 November 2025 with an upside technical target around S$1.47 within about 37 trading days.
In plain English: the near‑term tape is indecisive to weak, and short‑term traders following purely technical signals may be wary, even as longer‑term investors focus more on contracts, cash flows and dividends.
Key risks and watchpoints
ComfortDelGro’s evolving story carries several important risks, many of which analysts and strategy researchers have flagged. Tiger Brokers
- Competition in point‑to‑point mobility
Singapore’s taxi and private‑hire space is increasingly crowded. New ride‑hailing operators received provisional licences in late 2024, and Grab is moving deeper into the street‑hail segment with electric and hybrid fleets. This pressure has already contributed to a contraction in ComfortDelGro’s Singapore taxi fleet and weaker‑than‑expected profits in the segment. - Regulated contract risk in buses and rail
Public transport earnings in Singapore are sensitive to contract wins and losses. The expiry of the Jurong West bus package has already hurt bus revenue, and the future handover of the Tampines package in 2026 will add further drag. While fare increases (such as the adult card fare hike scheduled for late December 2025) and lower energy costs help, they may not fully offset lost packages and higher wages. - Macro and FX exposure
UK and European businesses now contribute a large portion of profits. That’s great when local economies and currencies cooperate, but creates exposure to UK economic slowdowns, labour market issues and sterling volatility. Phillip Securities specifically cites soft UK macro conditions and Australian driver shortages as reasons for trimming its 2025 earnings forecasts. POEMS - Execution and integration of acquisitions
The acquisitions of CMAC, A2B and Addison Lee have been key to ComfortDelGro’s growth. But integrating these operations across multiple regulatory regimes and labour markets is complex, and any missteps could erode margins or offset synergies. MatrixBCG explicitly lists acquisition integration and supply‑chain issues (vehicle procurement, maintenance) among the main strategic risks. Matrixbcg - Capex intensity and leverage
With capex far exceeding free cash flow in the current investment cycle, the company has moved from a net cash position a few years ago to a net debt position of around S$800 million. StockAnalysis While current leverage looks manageable, an extended period of high capex combined with any earnings disappointment could strain both the balance sheet and the dividend policy. - Technological and regulatory uncertainty
ComfortDelGro’s AV and electrification strategy depends on regulatory support, technological maturity and capital availability. Robotaxis could be a long‑term solution to driver shortages – or could face delays due to safety concerns, legal liability and public acceptance. Similarly, fast‑moving competition in EV charging and mobility platforms means the pay‑off from these investments is not guaranteed. Matrixbcg
Bottom line: ComfortDelGro’s stock outlook for 2025–2026
Putting it all together:
- ComfortDelGro today is less a pure Singapore taxi operator and more a diversified global mobility group, with over half of its revenue now coming from overseas markets and a growing footprint in UK buses, Australian franchises and Swedish rail. ComfortDelGro
- Earnings momentum is solid: double‑digit revenue and profit growth in 2024 and through 9M 2025, supported by acquisitions and higher‑margin contracts. Tiger Brokers
- The stock trades at around 14x trailing earnings and 1x book value, with a 5.5–6% trailing dividend yield that sits near the upper end of its 10‑year historical range. StockAnalysis
- Most analysts are positive, with consensus targets between S$1.62 and S$1.78 and ratings clustered around BUY / ACCUMULATE, seeing ComfortDelGro as an income stock with mid‑teens earnings growth potential into 2026, driven by the UK, Stockholm rail and ongoing electrification. Value Investing
- However, the near‑term technical trend is soft, and the high payout ratio, heavy capex and competitive pressures in Singapore’s point‑to‑point market introduce real risk if growth underperforms. matrixbcg.com
For investors, ComfortDelGro in late 2025 looks like a “quality income with growth options” proposition: a regulated transport operator with a long record of dividends, increasingly international earnings and visible ESG‑linked projects – but also meaningful execution, macro and capital‑allocation risks.
