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【ComfortDelGro C52 交流专区】康福德高 COMFORTDELGRO CORPORATION LTD

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发表于 13-1-2008 11:01 AM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 27-5-2012 01:30 AM 编辑

有人对以上这只股做过研究吗?希望能得到大家的建议与回复。
谢谢
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发表于 15-1-2008 03:43 PM | 显示全部楼层
从1.90看到现在1.64。就是不明白,为什么SMRT上,Delgro在下。不敢买,可能1.5再想吧。。
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 楼主| 发表于 22-1-2008 05:43 PM | 显示全部楼层
原帖由 太空飞人 于 15-1-2008 03:43 PM 发表
从1.90看到现在1.64。就是不明白,为什么SMRT上,Delgro在下。不敢买,可能1.5再想吧。。


现在$1。44了。。。有打算买吗?
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发表于 23-1-2008 09:30 AM | 显示全部楼层
原帖由 moneyS11 于 22-1-2008 05:43 PM 发表


现在$1。44了。。。有打算买吗?


买了,应该会Contra,我想1.20 才买 ,看来交通部 给它的‘猪肉’越来越少,反而SMRT(GIC)会越来越多。。
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 楼主| 发表于 23-1-2008 02:17 PM | 显示全部楼层
原帖由 太空飞人 于 23-1-2008 09:30 AM 发表


买了,应该会Contra,我想1.20 才买 ,看来交通部 给它的‘猪肉’越来越少,反而SMRT(GIC)会越来越多。。


我个人觉得长期来说,他还是相当OK的。。。而且他有将近50%的revenue是来自国外。。。
处此以外,他们的管理层也相当不错。
以下是我从他的website抄来的company mission & vision。
Our Vision:
To be the undisputed global leader in land transport.
Our Mission:
To be the world’s number one land transport operator in terms of fleet size, profitability and growth within the next four to six years.
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发表于 27-5-2012 01:31 AM | 显示全部楼层
康福德高 脱售沈阳康福德高

http://www.zaobao.com/cs/cs120523_010.shtml
(2012-05-23)
康福德高(ComfortDelGro)以2亿4835万人民币(约5004万新元),脱售其全资子公司沈阳康福德高巴士公司(Shenyang ComfortDelGro Bus)的所有股份。

买家是沈阳地铁巴士公司(Shenyang Metro Bus)。康福德高表示交易价格是基于沈阳子公司的净资产值。

集团表示,以上脱售预计不会对集团截至今年底的本财年每股净资产值与每股盈利产生任何实质影响。
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发表于 14-8-2012 10:19 AM | 显示全部楼层
在海外巴士与德士业务支撑下 康福德高半年净利增7.7%
http://www.zaobao.com/cs/cs120814_007.shtml

(2012-08-14)
尽管本地公共巴士业务面对巨大的成本压力,造成亏损增加,但在海外巴士业务及德士业务的扶持下,康福德高集团(ComfortDelgro)上半年仍取得1亿1850万元净利,上涨了7.7%。

集团上半年营收也增加5.7%,报17亿4030万元。半年税前盈利则扬升6.1%,报1亿8930万元,每股盈利5.66分,净资产值92.33分,并建议派发每股2.9分的中期股息。

在德士业务带动下,集团截至六月底的第二季度营收增长5%至8亿8490万元,次季净利也增加8.5%,报6500万元。增长有58%来自德士业务,巴士业务则占增长的18%。

康福德高集团昨天发布业绩时指出,第二季度来自巴士业务的营收增长1.8%至4亿2710万元,其中澳大利亚、英国和新加坡的业务增长被中国的业务萎缩部分抵消。它的海外公共巴士业务收入比重继续超越新加坡巴士业务,占集团巴士业务营收的61.6%。

纵观各业务领域,尽管旗下新捷运公司的巴士业务(不包括广告与租金收入)营收增加7%至1亿4920万元,日均客流量也增长了3.5%,但由于新捷运在第二季度面对更高的员工和折旧成本,巴士业务因此蒙受更高的亏损额,运营亏损从上财政年同期的150万元加大至480万元。

不过,来自澳洲的巴士业务收入增加3%,报1亿1320万元。而来自英国的巴士营收也增加2%至1亿4310万元。若不是受到不利的外汇换算影响,来自澳洲和英国的营收分别增加6.6%和3.2%。

来自中国的巴士营收则因今年2月脱售了亏损中的沈阳业务,而减少至670万元。

康福德高集团今年第二季度的德士业务收入增长了9.4%,报2亿7970万元,其中新加坡业务收入上扬11%至2亿零420万元。这主要是受到新德士更高的租金、车队扩大及无现金交易量增加的推动。

另外,来自中国、澳洲的德士营收都呈双位数增长,不过英国的德士收入却下跌了,越南的收入则持平。海外德士业务收入总共占了集团德士业务收入的27%。

轨道交通业务方面,连同租金及广告收入在内的第二季度总营收增长3.5%至3810万元,其中轨道交通业务本身的营收增长2.1%至3400万元。

东北地铁线,以及榜鹅与盛港轻轨线的日均客流量分别取得6.2%和21.3%的增长,各别达到44万4000人次及7万人次。轨道交通业务的营收相信会随着客流量继续增高而持续增长。

康福德高董事经理兼集团总裁柯逢豹说:“尽管面对成本压力影响,尤其是来自新加坡的巴士与轨道交通业务,我们的营收和盈利都持续取得增长。”

展望未来,康福德高预计本地巴士业务的收入将随着客流量增加而取得增长。广告和租金收入则预计将维持现状。英国的巴士业务收入料会受到英镑疲弱的不利影响,至于澳洲的巴士业务收入预计会有所改进,但来自中国的巴士业务则预计会减少。

在德士业务方面,新加坡预计会取得更高的营收。英国的德士业务营收预计会因疲弱的经济情况而受到不利影响。至于澳洲、中国和越南的业务收入则能维持现状。
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发表于 13-11-2012 01:23 AM | 显示全部楼层
ComfortDelGro posts 5.4% rise in 3Q net profit to $72.8m
http://www.theedgesingapore.com/the-daily-edge/business/41076-comfortdelgro-posts-54-rise-in-3q-net-profit-to-728m.html

Mon, 12 Nov 22:02  
ComfortDelGro says net profit increased 5.4% to $72.8 million for the third quarter ended Sept 30, 2012 from a year.

This follows as revenue grew 2.7% to a record $900.8 million.

The land transport company said revenue growth was broad-based.

At group level, third quarter revenue for the bus business increased by 2.2% to $443.5 million. Revenue from the overseas bus operations accounted for 61.4% of total group bus revenue.

At group level, third quarter revenue for the taxi business increased by 6.6% to $281.9 million as gains in Singapore, China and Australia more than offset declines in the United Kingdom and Vietnam.

Revenue from the rail business in the third quarter increased by 1.6% to $35.0 million on continued ridership growth. Average daily ridership for the North East Line grew by 5.3% to 457,000 while that for the Punggol and Sengkang LRTs increased by 17.3% to 73,000. Including rental and advertising income, total revenue from the rail business grew by 2.4% to $38.6 million during the quarter.

Revenue from the vehicle inspection and testing business grew by 7.6% to $25.4 million as more vehicles were inspected and more non-vehicle testing projects completed.

Q3 earnings per share was 3.48 cents, up from 3.30 cents in the same period a year ago. No dividend has been declared.
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发表于 13-12-2012 02:19 AM | 显示全部楼层
OCBC upgrades ComfortDelGro to 'buy'
http://www.theedgesingapore.com/the-daily-edge/business/41910-ocbc-upgrades-comfortdelgro-to-buy-.html

Wed, 12 Dec 13:23  
OCBC Investment Research upgraded ComfortDelGro Corp to ‘buy’ from ‘hold’ and raised its target price to $1.90 from $1.60, citing better prospects for the transport operator in 2013.

ComfortDelGro shares were up 1.15% at $1.76 on Wednesday. The stock has gained 24% this year, outperforming the 18% gain in the broader Straits Times Index.

ComfortDelGro’s bus operations in Singapore are seen turning around gradually in fiscal year 2013 on the back of the Bus Services Enhancement Programme and its related subsidies, as well as the likelihood of a fare hike, OCBC said.

Under BSEP, the Singapore government is partnering with bus operators to increase bus capacity and improve services.

Fuel prices are likely to remain subdued in 2013 and with substantial hedges in place, ComfortDelGro is well-positioned to benefit from any additional dips, OCBC said.

The Downtown Line project in Singapore is expected to boost ComfortDelGro’s ridership, OCBC said, adding that acquisitions and strategic moves overseas will allow the company to continue enjoying stable revenue and operating profit contributions.
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发表于 13-2-2013 12:59 PM | 显示全部楼层
康福德高企业的FY12盈利增加5.6%
http://www.sharesinv.com/zh/articles/37267/

2013年02月13日
康福德高企业(ComfortDelGro Corp)在截至2012年12月31日录得全年盈利从2亿3,560万元增加5.6%至2亿4,890万元。收入从34亿元微增3.9%至35亿元新高,由于所有业务单位均取得增长,唯有驾驶学校例外。巴士及德士业务的贡献占表现增幅超过87%。新加坡方面,巴士业务新捷运(SBS Transit)的收入增加6.1%至6亿零90万元,由于每日平均乘客量的升幅抵消了平均车资的跌幅。德士业务的收入增加10.1%至8亿2,450万元,由于车队扩大、新车增多和无现金交易量上升令租金收入提高。公司建议派发0.035元的终期股息。

启示:公司预期其新加坡营运将能取得增长,但同其在其他市场的营运无异,新加坡营运也将继续面对成本压力。

ComfortDelGro sown 0.8%; Time to take profit: Maybank-Kim Eng
http://www.theedgesingapore.com/the-daily-edge/business/42725-comfortdelgro-sown-08-time-to-take-profit-maybank-kim-eng.html

Wed, 13 Feb 11:44
ComfortDelGro (C52.SG) is down 0.8% at $1.89, underperforming the STI's 0.8% rise, in the wake of several analyst downgrades after the transit operator reported FY12 net profit rose 5.6% on-year to $248.9 million.

The results were decent despite the Singapore operations' challenges, says Bernard Chin, an analyst at Maybank-Kim Eng, in a note. But he adds, "it is difficult to justify CDG's current lofty valuations given its recent price surge, the muted growth expectations and unexciting dividend yields. It is now time to take profit."

He cites uncertainty over profit growth drivers as the Singapore bus and rail segments' potential depends on the upcoming fare review, which isn't likely to include significant increases amid public pressure, while the Downtown Line MRT will see continued start-up losses and the taxi business faces a regulatory fleet-growth cap.

Whether CDG can leverage its overseas businesses to fuel the entire group's growth amid rising cost pressures remains to be seen, he adds. He downgrades CDG to Sell from Buy and lowers its target to $1.64 from $1.94, based on a lower 13.4x FY13 PER. Orderbook quotes suggest the $1.87 intraday low may not be retested.
本帖最后由 icy97 于 13-2-2013 04:58 PM 编辑

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发表于 22-5-2013 03:04 AM | 显示全部楼层
康福德高企业以2,200万澳元收购巴士公司
http://www.sharesinv.com/zh/articles/39039/

2013年05月21日
康福德高企业(ComfortDelGro Corp)在澳洲扩大版图,以2,200万澳元(2,700万元)全面收购墨尔本巴士公司Driver Group。预期交易将在今年7月完成,并通过康福德高Cabcharge的子公司CDC Victoria进行。收购目标Driver Group是在与维多利亚政府之间的长期合约下,经营市区巴士服务。在交易中,CDC Victoria将收购五条市区巴士路线和42辆巴士。康福德高企业的董事经理柯逢豹就收购表示:“我们不断致力于拓展业务,并拉近与澳洲当局的合作关系,收购名声显赫的Driver Group的巴士路线和巴士便是一个很好的例子。”

启示:公司希望通过自然增长和扩大海外业务来减低对本地市场的依赖。海外业务目前占公司营运盈利的48.9%。收购将巩固公司在澳洲的地位。公司目前在南威尔斯和维多利亚经营巴士服务。
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发表于 22-5-2013 03:10 AM | 显示全部楼层
ComfortDelGro near 6-yr highs; lifts index
http://www.theedgesingapore.com/the-daily-edge/business/43983-comfortdelgro-near-6-yr-highs-lifts-index.html

Tue, 21 May 16:28  
Transport operator ComfortDelGro Corporation rose more than 2% to a near six-year high, lifting Singapore’s benchmark stock index, after it announced plans to expand its bus operations in Australia.

The company’s shares rose as much as 2.4% to $2.14, the highest since July 2007, after it said its subsidiary CDC Victoria Pty Ltd plans to buy privately-held Driver Group Pty Ltd for A$22 million ($27.06 million), to expand its fleet in Australia.

“While the deal is relatively smaller compared to its previous acquisitions in Australia and will not have a material impact on its earnings in FY13, it demonstrates management’s intent to actively grow its overseas operations and we view this positively,” OCBC Investment Research said in a note.

However, OCBC maintained its “hold” rating on ComfortDelGro, citing the stock’s expensive valuations.

The share price of ComfortDelGro, which operates in seven countries and has a fleet of about 45,800 vehicles, has climbed more than 20% so far this year, outperforming a 6% gain in the sector index .

Singapore’s benchmark Straits Times Index fell half a% to 3,436.07, off a 5-1/2-year high at 3,458.04 hit in the previous session.
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发表于 21-6-2013 01:29 AM | 显示全部楼层
OCBC ups ComfortDelGro to Buy; Tips good opportunity
http://www.theedgesingapore.com/the-daily-edge/business/44384-ocbc-ups-comfortdelgro-to-buy-tips-good-opportunity.html

Thu, 20 Jun 10:20
OCBC upgrades ComfortDelGro (C52.SG) to Buy in light of its recent share price stability and unchanged fundamentals.

"At this juncture, we believe that it is a good opportunity to pick-up a high-quality counter on the cheap and, potentially, on the rebound," it says, noting the stock has stabilised since the partial stake sale by the Singapore Labour Foundation about a month ago.

Domestic challenges aside, it says the group's overseas growth prospects, which have been its key growth driver, remain unchanged.

"(ComfortDelgro) is in the process of tendering for additional bus routes in New South Wales (Australia) - as well as re-submitting its bid for its existing routes - and we are hopeful for positive results come July this year. More importantly, its U.K. and Australian bus segments are operated on a cost-plus model, which significantly limits its downside risks," it says.

The house has an unchanged fair value estimate of $1.95 on the stock. The stock is down 2.5% to $1.765.
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发表于 19-8-2013 02:25 AM | 显示全部楼层
Name of Announcer *COMFORTDELGRO CORPORATION LIMITED
Company Registration No.200300002K
Announcement submitted on behalf ofCOMFORTDELGRO CORPORATION LTD
Announcement is submitted with respect to *COMFORTDELGRO CORPORATION LTD
Announcement is submitted by *Chan Wan Tak, Wendy
Designation *Company Secretary
Date & Time of Broadcast14-Aug-2013 17:03:34
Announcement No.00066

>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
For the Financial Period Ended *30-06-2013
Description(1) Announcement of Results for 2013

(2) Press Release : 2Q13 Results and

(3) Presentation Slides : 2Q13 Results
Attachments
CDG_2Q13.pdf
CDG_2Q13Media.pdf
CDG_2Q13Slides.pdf

Dividend ValuePayment TypeDividend TypeFinancial Year EndDividend NumberTax Exemption Clause
SGD 0.03 Per 1 Ordinary shareTax Exempted (1-tier)Interim31/12/201321NA

Record Date *22/08/2013
Record Time *17:00
Date Paid/Payable (if applicable)30/08/2013
FootnotesNOTICE IS HEREBY GIVEN that the Transfer Books and Register of Members of the Company will be closed on 23 August 2013 for the purposes of determining Shareholders entitlements to the interim dividend. Duly completed and stamped transfers received by the Companys Share Registrar, B.A.C.S. Private Limited, 63 Cantonment Road, Singapore 089758 up to 5.00 p.m. on 22 August 2013 will be registered to determine Shareholders entitlements to the interim dividend. Shareholders (being depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on 22 August 2013 will be entitled to the interim dividend.
本帖最后由 icy97 于 19-8-2013 12:03 PM 编辑

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发表于 13-5-2014 03:25 AM | 显示全部楼层
焦点 | 2014年05月09日
http://www.sharesinv.com/zh/articles/46750/

康福德高企业(ComfortDelGro Corp)
目标:$2.34
  • 公司在海外的陆路交通服务业务规模可观,所得毛利也比本地车资相关业务来得高。它也正进一步扩大其在英国及澳洲的巴士服务业务。
  • 公司是新加坡最大的德士服务业者,也是中国最大的外资德士服务业者。
  • 公司的净利年比增长5.7%至2亿6,300万元新高。
- 辉立证券
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发表于 19-5-2014 02:16 AM | 显示全部楼层
每日头条 | 2014年05月14日
http://www.sharesinv.com/zh/articles/46807/

康福德高企业(ComfortDelGro Corporation)的1Q14收入增加9.2%至9亿5,080万元,由于外汇汇率有利及所有业务均取得增长,除了汽车出租业务及汽车工程服务。净利因而提高9.7%至6,330万元。


ComfortDelGro posts 9.8% rise in 1Q earnings to $63.3 mil
Source: The Edge   |   Publish date: Mon, 12 May 22:51
http://www.theedgesingapore.com/the-daily-edge/business/48318-comfortdelgro-posts-98-rise-in-1q-earnings-to-633-mil.html

ComfortDelGro Corporations reported a 9.75% rise in first quarter earnings to $63.3 million for the three months ended March from the same period last year.

The increase came on the back of higher group revenue which rose 9.2% to $950.8 million due to broad-based growth in its key businesses.

The company said that revenue from its overseas operations account for close to 40% of total group revenue.

In Singapore, bus operations revenue from SBS Transit increased by 7.2% to $165.9 million. Revenue from its Singapore taxi business rose by 7.8% to $228.3 million. Meanwhile, income from its rail business increased by 18% to $42.1 million.

Revenue from its bus business in the UK is also expected to rise with contributions from Metroline West. However, revenue from the bus business in Australia is expected to decrease.
本帖最后由 icy97 于 19-5-2014 03:10 AM 编辑

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发表于 16-6-2014 03:47 AM | 显示全部楼层
康福德高企业的良好业绩带动股价上涨
企业摘要 | 2014年05月19日
文 : 林思杰
http://www.sharesinv.com/zh/articles/46940/

  • 康福德高企业的1Q14业绩优异,令其股价上涨至高位。
  • 1Q14业绩良好,延续了过去五年来的表现。
  • 随机指数和平均趋向指标(ADX)显示这只股在短期内将进入升势。

第一季业绩

康福德高企业(ComfortDelGro)在5月12日公布了其1Q14业绩,其首季净利与去年同期相比提高9.7%至6,330万元。

公司的净利增加是因为其主要业务都取得增长,令其第一季收入提高9.2%至9亿5,080万元。

公司德士业务的收入增加7%至3亿零580万元。新加坡业务的收入提高7.8%至2亿2,830万元,因德士增加使租金收入提高、更换更多新德士和无现金交易的总数增加。

表现稳健

资料来源:FT.com
以上为公司过去五年的收入(revenue)和盈利(net income)
Gross margin=毛利率
Net profit margin=净利率
Operating margin=营运盈利率
Return on assets=资产回报率
Return on equity=股本回报率
Return on investment=投资回报率

公司能在2014年第一季取得良好业绩靠的绝不是运气(如特别收益),其收入和盈利在过去几年都有所增长。

公司的收入自2009年以来就逐年提高。虽然一些人可能会认为其收入增幅并不高,但笔者认为,一家小企业要取得高收入增长相对容易,但对康福德高企业这样的公司而言,要令收入增加25%并不简单。况且,其收入已高达30亿元以上。

公司的净利也在过去五年持续增加。许多企业都无法令收入和盈利连续三年保持增长,更别说是五年了。康福德高企业的稳定表现显示其基本面良好。

许多分析师都因为对公司的长期前景感到更加乐观,而调整了他们的预测。



资料来源:辉盛;分析师给予公司的评级
Buy+Overweight=买入,加码
Hold=持守
Underweight+Sell=减码,卖出
Target price=目标价
Actual price=股价

随机指标显示股价将回升



康福德高企业的股价图表

随机指标显示公司的股价有望回升并进入升势。平均趋向指标(ADX)也显示公司的股价正处于升势,因为D+值高于D-值。

长、短期都看涨

基于康福德高企业的股价刚突破了2.12元的阻力位,投资者应趁短期涨势未结束前尝试进行短线交易。

康福德高企业稳步增长
Tradeable | 2014年05月21日
文 : 梁兆诚 (译:麦美莹)
http://www.sharesinv.com/zh/articles/47020/

1. 康福德高企业的1Q14表现适度增长,收入及盈利分别提高9.2%及9.7%。
2. 表现向好主要是来自海外业务的贡献增加,而本地业务的毛利继续面对来自人力及其他营运成本的压力。
3. 鉴于公司拥有大量现金在手,市场普遍预期公司将会继续在海外进行收购。



康福德高企业(ComfortDelGro, CDG)公布了比去年同期较佳的1Q14业绩。

公司的过往表现显示它的增长缓慢但稳定,而其今个季度的表现也不例外。

1Q14的收入从1Q13的8亿7,080万元增长9.2%至9亿5,080万元,主要是因为它的多元化业务取得广泛增长,以及外汇兑换带来正面收益。

1Q14的净利则提高9.7%至6,330万元。集团的海外业务是推高盈利的一大功臣,而新加坡滨海市区线(Downtown Line)则蒙创始成本亏损。

CDG目前的海外业务占了集团总营运盈利的50.8%。

市场预期集团将会持续在海外进行收购行动,因为总的来说,集团的现金储备庞大。在上一个财政年度,集团收购了一家伦敦巴士公司Metroline West及 一家澳洲巴士公司Eastrans。

我们预期CDG的海外业务将继续带来强劲的贡献。本地业务的毛利则将会进一步受压,因为人力及其他营运成本(汽油及维修等)上涨。

如果集团的业务走高,那么最有可能的情况是海外业务或潜在收购项目带来贡献。

华侨银行投资研究的分析师预期集团在接下来的季度将会继续缓步增长,因此,它重申给予集团“买入”评级,目标价为2.30元。 本帖最后由 icy97 于 16-6-2014 04:53 PM 编辑

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发表于 16-6-2014 05:08 PM | 显示全部楼层
投资者角落 | 2014年06月12日
文 : 吴灵安(译:麦美莹)
http://www.sharesinv.com/zh/articles/47579/

康福德高企业(ComfortDelGro Corporation)
股价 – $2.40
目标– $2.57

陆交局在5月28日宣布了更多关于政府外包巴士服务模式的资料,第一个配套将会在2H14供业者投标。第一个配套包含了目前的24条路线(新捷运:16条;新加坡地铁:8条),这些巴士路线是源自裕廊东、武吉巴督及金文泰巴士总站及将会使用新Bulim巴士车厂。这个新运作模式对公司来说是好事,因为其国内的巴士收费收入自2Q11以来一直蒙亏。新模式并不存在乘客量的风险,而其收入也能够追上成本。可是,由于进场的门槛较低,从2021年起,为保持其市场份额,新捷运必须与其他投标者激烈竞争。我们对公司的前景依然感到乐观,因为其海外业务仍有利可图。公司也经营过外包模式的巴士服务。此外,与同行相比,其估值相对来说较低。维持收集。辉立证券(6月4日)
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发表于 16-12-2017 01:03 PM | 显示全部楼层
http://www.sharesinv.com/zh/C52/


ComfortDelGro 康福德高企业

                 

第一股板 > 交通仓储通信 > 陆路交通 (C52.SG)   
主席:Lim Jit Poh    总裁:Yang Ban Seng
[size=+3][size=+1]S$1.910
-0.040  -2.05%
买入: 1.910
交易量: 9,299
卖出: 1.920
15-12-17 17:04:39
CPF
开市:1.950总股数:2,163.203m本益比 :13.0
最高:1.950市值 :S$4,131.718m每股盈利  :S$0.1466
最低:1.91052周最高:2.800近12月股息:S$0.103000
最新闭市:1.95052周最低:1.900获益率 :5.4
股价账面值比 :1.61平均交易量:9,913每股账面值 :S$1.186700



业务
[FY16营业额]公共交通服务(56.8%)德士(33%),汽车工程服务(5%),检查服务(2.6%),教车中心(1%),汽车租赁(0.9%),长途巴士站(0.7%)。




SI 研究: 康福德高企业– 已经放弃了吗?何奕偉
2017年 08月 25日
热门股票



康福德高企业(ComfortDelGro Corporation,以下简称康福)持续面对来自召车服务像UberGrab的巨大压力。今年初,尽管来自5个经纪行的报告显示康福的平均目标价为3.09元,但我们认为康福的股价并没有触底。康福在1月初的价位大约为2.50元,它之后一直走低,至2017年8月18日创下2.13元52周新低
不过,有消息传出康福可能与Uber合作后,其股价至8月23日中午飙升了7%。虽然这个协议如果能够达成将可以为康福的新加坡德士业务带来一线希望,但我们有不同的看法。
最后努力
自从Uber及Grab进入市场后,康福一直与这些召车服务硬碰硬来竞争,而不是作出重大改善
随着德士与召车服务的对抗持续,康福在2017年7月指示其租车司机汇报召车服务司机的不法行为,包括在德士站停车。康福也建议其租车司机如果看到召车服务司机“在其他地方违例接载乘客”最好拍摄照片作为证据。
很多人认为这些举动是下流手段,除了一些负面宣传效果外,对康福没有很大益处,尤其是当公司在消费者心中的形象已经不是太好。
品牌形象每况愈下
新加坡消费者一直以来对本地德士已经有很多抱怨,因为在繁忙时间想搭德士并不容易;而德士司机对某些乘客也不愿意接载。有时候尽管德士站排长龙,但有些德士司机也拒绝载客,因为他们宁愿接受预召服务,可以收多大约3元预召费用。
由于德士的形象在消费者心中已经不大好,以上述的举动来应付新挑战,似乎公众并不受落。
财务表现
集团报1H17收入下跌2.9%,主要是来自德士业务的收入下跌5,540万元。虽然净利增加2.1%,但营运盈利下跌8.6%。净利增加主要是因为来自投资的利润提高及融资成本下降。(资料来源: 《股市资讯》)
经常慢了半拍
我们认为康福与Uber的合作是认输的第一步。经常慢了半拍的康福不断从后追上,如减低租车司机的租金及通过其手机召车应用程式提供固定收费选择等。
我们的猜测是Uber在新加坡的业务是属于重资产,因为它通过其租车公司Lion City Rental(LCR)拥有庞大的车队。事实上,我们觉得Uber在新加坡的业务模式与康福德士的业务类似,但更胜一筹。Uber的收入是来自其司机收取的车资一部分,事实上,一旦其在LCR的资产达到收支平衡,它便可以从出租汽车中获利。
鉴于Uber在召车服务领先一步,为何它愿意与康福合作?
有可能是Uber的司机已达到一个舒适水平,又或者是它想减少在资产上的支出。任何一个原因都是与康福合作的有利因素,因为其平台可以添加大约1万5,000名司机,而且不需要为资产担心。
有利有弊
虽然双方还在商讨阶段,还未有达成协议,不过,协议不大可能对康福有利,最低限度在长期而言
如果协议能够达成,康福的1万5,000个德士司机将可使用Uber的召车平台,让他们获得更高收入,后者要视乎这个方案是否受到欢迎。短期而言,这可以帮助康福德士业务维持下去及避免更多德士司机交回车辆。
提供平台的Uber也需要从这个协议中获益,后者可以是金钱上,类似其收取现有司机10%至30%的费用,视乎不同车程 ,收费可以是来自德士司机或者是康福。因此,这个协议只是拖延时间,长期而言所得的益处不大,毕竟,这是两个竞争对手之间的协议。


ComfortDelGro Corporation Limited is the market leader in both the public scheduled bus and private coach service sectors in Singapore.
Listed separately on the Singapore Exchange, ComfortDelGro’s 75%-owned SBS Transit Ltd is the largest scheduled public bus operator in Singapore with a fleet of about 3,000 buses on about 202 routes. The buses serve 17 interchanges and more than 3,500 bus stops islandwide.
The name change from Singapore Bus Service Limited to SBS Transit Ltd in November 2001 was to reflect its bi-modal status as a bus and rail operator.

In the private charter-bus industry, another subsidiary of the Group, ComfortDelGro Bus Pte Ltd, is the largest private land transport company, serving over 200 local contract customers. ComfortDelGro Bus also offers tour chartering services into Western Malaysia. Currently, there are 348 air-conditioned buses of various capacities ranging from 11-, 19-, 30-, 45-seaters.


Singapore - Rail
In June 2003, SBS Transit Ltd began operations of the North East Line (NEL).
The NEL is a highly advanced fully automated underground heavy rail system – a world’s first – that set new engineering and technological benchmarks in mass transit systems.

Built at a cost of S$5 billion, the NEL is 20km long and comprises 16 stations covering Punggol to HarbourFront.

SBS Transit also operates the Sengkang and Punggol
Light Rapid Transit Systems.

SBS Transit also operates the 42-km Downtown Line (DTL), the longest underground line in Singapore with 34 stations. The first stage of the DTL commenced passenger service on 22 December 2013 while the second stage of the DTL commenced passenger service on 27 December 2015. The third stage will be ready in 2017.






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发表于 16-12-2017 01:03 PM | 显示全部楼层


CHAIRMAN’S STATEMENT
Introduction
The shocking outcome of the Brexit
Referendum, the even more shocking
United States Presidential Election, the
refugee crisis in Europe, the tumultuous
political struggle in the Middle East, the
build-up of nuclear capabilities in North
Korea and the protracted episodes in
the East and South China Seas were the
major political developments affecting
our business in 2016.
In the economic sphere, global
growth continued to slow down while
productivity declined.



Global commerce
and trade remained stunted and the
cost of doing business rose. Set against
this backdrop, protectionism and antiglobalisation
measures became the
order of the day in many countries.
Commodity prices remained weak
while oil prices continued to hold
at low levels. Currencies continued
to fluctuate with the British Pound
taking a beating (-15.3%) after the
Brexit result.


The Australian Dollar
strengthened marginally (+1.4%)
while the Chinese Renminbi, now an
International Monetary Fund reserved
currency in the Special Drawing Rights
basket of currencies, dipped (-4.2%)
against the Singapore Dollar, our
reporting currency.



In the field of technology, we are also
witnessing the rapid evolution of
the Fourth Industrial Revolution as
technological advances are moving
at breakneck speed and artificial
intelligence is becoming a reality.


Amidst such global uncertainty and
upheaval, the Group has found it
challenging to grow and expand our
businesses as much as we would
like to. That said, Management has
turned in a respectable performance
and registered its eighth year of
steady growth.



I am very happy to report that we had another successful year. This is not an easy
achievement and I am proud that our Management has managed to continue to
grow the business despite the very difficult global business environment.


SINGAPORE
S$2,545.9M


AUSTRALIA
S$385.5M

UNITED KINGDOM
S$906.3M


CHINA
S$192.4M


IRELAND
S$17.6M


VIETNAM
S$8.9M


MALAYSIA
S$2.9M


Malaysia
The slowdown of the Malaysian
economy has posed challenges to
our Auto Leasing company which
operates 182 vehicles.



M3       
Mercedes-Benz C200 1.8
BMW 320i 2.0
Volkswagen Passat 1.8
Honda Accord 2.4
Toyoto Camry 2.5
Nissan Teana 2.5 Hybrid
Toyota Vellefire 2.4 (MPV)
Toyota Alphard 2.4 (MPV)
Honda CRV 2.4 (SUV)
Hyundai Santa Fe 2.4 (SUV)
Nidsan X-Trail 2.5
Toyota Fortuna 2.7 (SUV)


M4       

Mercedes-Benz E200 1.8   
BMW 520 2.0
ES250 2.5
Lexus GS300 3.0


CityLimo Leasing (M) Sdn Bhd
MAIN OFFICE
No.10, SS13/6, Subang Jaya Industrial Estate, 47500 Subang Jaya, Selangor, Malaysia
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