SINGAPORE (12 Dec 2025) — ComfortDelGro Corporation Limited (SGX: C52) is back in the spotlight after the group secured regulatory approval to trial self-driving shuttles on public roads in Punggol, a milestone that adds a “future mobility” headline to an earnings story that has increasingly been driven by overseas operations and acquisition contributions. [1]
As of 12 Dec 2025 (09:20 SGT), ComfortDelGro shares were indicated at S$1.420 (-0.70%), according to market data displayed by Beansprout/Growbeansprout. [2]
Below is what matters most for investors tracking ComfortDelGro stock today: the latest news catalysts, a fundamentals check from recent disclosures, and where sell-side forecasts and target prices cluster heading into 2026.
What’s the latest ComfortDelGro stock news on 12.12.2025?
1) LTA approval for public-road trials of autonomous shuttles in Punggol
ComfortDelGro said it obtained approval from Singapore’s Land Transport Authority (LTA) to begin public road trials of its autonomous vehicle (AV) shuttles in Punggol. The operator expects to begin trials of five five-seater AV shuttles in early 2026, after completing CETRAN “Milestone 1” testing. [3]
The company’s plan is to make rides available via its CDG Zig app using a “Zig Driverless” booking option in 2026. [4]
Route details being reported around the announcement: the Pony.ai-built vehicles will run on one of three 12km routes in Punggol with seven stops, including major nodes such as Punggol Plaza, One Punggol, Punggol Coast Bus Interchange, and Oasis Terraces. [5]
Why this matters for the stock:
Autonomous shuttles are unlikely to move near-term earnings in a dramatic way by themselves, but they can influence how investors value (a) CDG Zig as a platform, (b) ComfortDelGro’s long-run operating leverage, and (c) optionality in a world where labour costs and driver availability are persistent constraints. ComfortDelGro is effectively trying to be the boring, cash-flowing operator and the “picks-and-shovels” fleet manager for autonomy—an unusual combo in public transport.
2) ComfortDelGro vs Grab: autonomy is becoming a two-player storyline
LTA’s broader Punggol AV rollout includes routes by Grab using WeRide-developed AVs, while ComfortDelGro’s route uses vehicles by Pony.ai. CNA also noted LTA’s earlier indication that autonomous shuttle services in Punggol would open to the public by 2Q 2026. [6]
Singapore’s ambition is bigger than one estate: The Straits Times’ summary around the same development points to a national target of deploying 100–150 self-driving vehicles by end-2026 (with safety operators onboard during testing and initial public rides). [7]
3) ComfortDelGro’s own earlier AV roadmap supports the narrative
ComfortDelGro had already announced (in September) the expansion of its AV offerings, positioning the Punggol shuttle service as a partnership leveraging Pony.ai’s experience (the company cited over 50 million km of autonomous driving experience) and ComfortDelGro’s fleet management capabilities, with booking integrated into the Zig app. [8]
ComfortDelGro fundamentals: what recent results say about the business momentum
3QFY2025 highlights: earnings growth, with overseas doing much of the heavy lifting
In its 3Q2025 business update, ComfortDelGro reported:
- 3Q2025 revenue:S$1.3b, up 12.9% year-on-year
- 3Q2025 PATMI:S$70.4m, up 22.4% year-on-year
- YTD (Sep’25) revenue:S$3.8b, up 13.9% year-on-year
- YTD (Sep’25) PATMI:S$176.4m, up 15.4% year-on-year [9]
Management attributed the 3Q earnings growth to drivers including UK public transport performance, the Addison Lee acquisition, and depot disposal gains. [10]
In the same update, ComfortDelGro also flagged key operational developments that investors tend to underweight until they show up cleanly in margins—such as continuing improvements in Metroline London bus contract margins, and network/contract progress in Australia and Europe. [11]
Operational updates that can matter for 2026 earnings
From the business update’s “Key Business Updates,” several items are worth translating into “what this could do to the stock” terms:
- UK bus margins: “Margins continued to improve” for Metroline London bus contracts—important because UK public transport has been a central profit driver in broker notes. [12]
- Australia transition: ComfortDelGro said it transitioned to new 10-year Zero Emission Bus Franchise contracts in Victoria, Australia—often meaning capex and transition friction now, with potential steadier economics later. [13]
- Stockholm rail JV: It stated the Stockholm rail JV commenced full operations on 2 Nov 2025, setting up additional contributions into 2026. [14]
- Singapore fare adjustments: The update noted the 2025 fare review was concluded with adjustments effective 27 Dec 2025 (adult card fare increases referenced as 9–10 cents per ride in the deck). [15]
- Tampines bus package handover: It highlighted that the Tampines bus package will be handed over to a new operator in July 2026, which multiple brokers have modeled as a domestic headwind later in 2026. [16]
- Point-to-point (P2P) platform improvements: ComfortDelGro highlighted that Zig’s cancellation and waiting fees introduced from July 2025 contributed to a 40% drop in cancellations post-launch, and that it is working on commission/fee structures to optimize supply-demand matching. [17]
That last point looks “small,” but it’s actually the type of operational lever that can separate a platform business that stabilises margins from one that bleeds incentives forever.
ComfortDelGro stock forecast: what analysts and brokers are saying (as of 12.12.2025)
Where are analyst target prices clustering?
According to SGinvestors’ compilation of the latest analyst reports dated within the past three months as of 2025-12-12, ComfortDelGro target prices ranged from S$1.70 to S$1.76, with a median target price of S$1.745 and average target price of S$1.737. [18]
The same source lists notable targets/ratings such as:
- DBS Research: BUY, TP S$1.80 [19]
- UOB Kay Hian: BUY, TP S$1.76 [20]
- RHB Research: BUY, TP S$1.75 [21]
- OCBC Investment Research: BUY, fair value S$1.74 [22]
- Maybank Research: BUY, TP S$1.70 [23]
Separately, Growbeansprout displayed a consensus share price target of S$1.693 “as of 12 Dec 2025” (its page also shows the then-current price and upside calculation). [24]
What this means in plain English:
The sell-side isn’t split into “this is doomed” vs “this is a rocketship.” It’s more like: most houses see ComfortDelGro as a yield-plus-growth counter, with mid-single-digit-to-mid-teen earnings expansion potential, but they disagree on how much multiple expansion the market will pay for—and how much the domestic headwinds (bus package losses, P2P competition) will drag.
What’s behind the forecasts?
Across the late-2025 broker excerpts, the same themes recur:
A) Overseas strength is offsetting domestic softness
UOB Kay Hian’s summary framed 9M25 results as “largely in line,” with “overseas strength offset[ting] domestic softness,” citing UK contract renewals, new franchises and CMAC as drivers of higher operating profit. [25]
UOB also noted that overseas contribution rose, with revenue and operating profit accounting for 55% and 47% of group totals respectively (in its 9M framing). [26]
B) UK bus economics are a key margin lever
RHB said UK operations delivered sequential margin expansion supported by contract renewals at improved economics, and expected the trend to continue into 2026. [27]
Maybank similarly pointed to ongoing renewals of UK Metroline London bus contracts at higher margins. [28]
C) Taxi & private hire is the volatility engine
OCBC’s excerpt attributed an underperformance versus its expectations largely to declining margins in Taxi & Private Hire, while still noting improved trip numbers in the PHC segment despite competition. [29]
UOB highlighted that Singapore margins declined due in part to a smaller taxi/PHV fleet and earlier domestic bus package loss, and that P2P remains intensely competitive (with incentives, rebates and platform costs pressuring margins in 3Q). [30]
D) Reported profits in 3Q included depot disposal gains
This matters because investors often get whiplash when “profit beats” are driven by gains rather than recurring earnings. Both RHB and Maybank explicitly referenced gains from depot disposals in Victoria, Australia contributing to 3Q bottom line strength. [31]
The fare hike factor: why 27 Dec 2025 matters for ComfortDelGro (and SBS Transit)
Singapore’s Public Transport Council (PTC) announced a 5% overall public transport fare increase effective 27 Dec 2025. DBS described the hike as below the maximum allowable increase of 14.4%, with 9.4% deferred to subsequent years. [32]
DBS estimated SBS Transit (74.4% owned by ComfortDelGro) could see about S$17.6m in annual revenue increase, with contributions to the Public Transport Fund, translating into an estimated incremental net profit increase of about S$11.7m at SBS Transit and S$8.7m at ComfortDelGro (all else constant). [33]
RHB’s excerpt similarly called the fare review “mildly positive,” also citing the 5% fare increase effective 27 Dec 2025, the deferral of the remaining allowable increase, and modeling an incremental profit benefit to SBS Transit and ComfortDelGro (while cautioning that cost pressures and later bus package loss could dilute the upside). [34]
Investor takeaway: fare increases can provide genuine earnings support, but they’re not “free money”—operators face ongoing manpower and maintenance costs, and the regulatory framework includes mechanisms like Public Transport Fund contributions. The market tends to reward the visibility, then haggle over the pass-through.
Dividend outlook: why ComfortDelGro is repeatedly described as a “yield counter”
Multiple broker excerpts explicitly position ComfortDelGro as attractive for yield, backed by earnings expansion from acquisitions and margin improvements.
- RHB described ComfortDelGro as an “attractive yield counter,” and maintained BUY with a target price of S$1.75, referencing an attractive FY25F yield profile. [35]
- Maybank maintained BUY and TP S$1.70, calling out a “compelling dividend yield” (and highlighting incremental contributions from the CityCab move and the fare increase as offsets to future headwinds). [36]
That yield framing matters for how the stock trades: yield names typically react less to single-quarter noise and more to (1) dividend sustainability, (2) balance-sheet trajectory, and (3) evidence that margins aren’t structurally eroding.
One nuance to watch: Phillip Securities’ excerpt noted capex expansion and acquisition effects, including a swing from net cash a year ago to a net debt position, plus higher amortisation and interest expense—factors that can influence how much “free cash” ultimately supports dividends over time. [37]
Corporate changes: leadership succession ahead of 2026
ComfortDelGro announced senior leadership changes effective 1 January 2026, including:
- Appointment of Christopher David White as Group Chief Financial Officer from 1 Jan 2026 (as per SGX filing). [38]
- Appointment of Liam Griffin as Group Chief Point-to-Point Mobility Officer from 1 Jan 2026 (as per SGX filing). [39]
- Derek Koh stepping down from the CFO role from 1 Jan 2026 and retiring on 31 March 2026, with a transition to an advisory role thereafter, according to the company’s press release. [40]
This is governance “plumbing,” but investors often care because a CFO transition can subtly change capital allocation posture—especially when a group is balancing dividends, debt, capex (including electrification), and acquisitions.
Key catalysts and risks for ComfortDelGro stock heading into 2026
Catalysts investors are watching
- Execution of the Punggol AV shuttle trials and the practical rollout of “Zig Driverless” (safety, reliability, public acceptance, and unit economics). [41]
- Follow-through from the 27 Dec 2025 fare adjustment into SBS Transit results—net of cost pressures and fund contributions. [42]
- UK contract repricing/margins (the single most repeated profit driver in broker commentary). [43]
- Stockholm rail JV contribution and any further European contract optionality (Copenhagen prequalification is one signpost flagged in research excerpts). [44]
Risks that can bite
- Ride-hailing competition and incentive intensity in Singapore P2P, which has already shown up as margin compression in segments discussed by OCBC/UOB. [45]
- Domestic contract headwinds such as the future impact of the Tampines bus package handover from July 2026 (frequently modeled as a 2H26 drag). [46]
- Earnings quality optics: when gains on disposals lift reported profit, the market may discount the quarter if underlying operating momentum doesn’t keep pace. [47]
- Balance sheet and cash flow mix as capex and acquisition financing evolve—important for dividend sustainability narratives. [48]
Bottom line: how to think about ComfortDelGro stock right now
ComfortDelGro is increasingly trading like a hybrid of:
- a cash-flow and dividend story (with brokers repeatedly emphasising yield), and
- a globally diversified operator whose earnings growth has been supported by overseas public transport economics and acquisitions—especially in the UK and Europe—while Singapore’s P2P segment remains the “stress test” for margins. [49]
The newest 12.12.2025 catalyst—approval to trial self-driving shuttles on public roads in Punggol—adds a strategic layer: ComfortDelGro isn’t just defending market share in ride-hailing; it’s trying to sit at the intersection of regulated transport, fleet operations, and autonomy-enabled last-mile services. [50]
On forecasts, the late-2025 sell-side cluster implies low-20% upside to typical target prices from around the current trading zone, but—like all target prices—that upside is conditional: it assumes the group can keep UK margins improving, keep dividends credible, and prevent domestic P2P competition from permanently compressing profitability. [51]
References
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