Maybank Raises FY25-26E For ComfortDelGro After Contract Wins
Maybank Raises FY25-26E For ComfortDelGro After Contract Wins
In addition to the new contracts, CDCA will realise a one-off gain of SGD14 million from the sale of its depots at Oakleigh, Truganina, and Albion, effective from the start of the new contract term. This gain, anticipated to be booked in the third quarter of 2025, will be reinvested into the Australian business, including further investments, capital expenditure, and debt repayment.ComfortDelGro (CD SP) is gaining momentum with a series of recent developments in Australia. The company's subsidiary, ComfortDelGro Corp Australia (CDCA), through its arm CDC Victoria, has successfully secured three new franchises under the Victorian Department of Transport and Planning's Metropolitan Zero Emission Bus (ZEB) Franchises tender process. Following these contract wins, the company's FY24E EPS forecast remains unchanged, but FY25-26E projections have been raised by 1-2%.
康福德高企业（CD SP）在澳洲取得了一系列的最新进展，正在蓄势待发。该公司的子公司康福德高企业澳洲公司（CDCA）通过其子公司CDC维多利亚，成功获得维多利亚交通和规划部门“大都市零排放公交车（ZEB）特许经营权发放招标”的三个新特许经营权。在获得这些合同后，公司FY24E每股收益预测保持不变，但FY25-26E预测上调了1-2%。
Consequently, the discounted cash flow (DCF)-based target price has been increased to SGD1.65 from SGD1.60, with an 8.3% weighted average cost of capital (WACC) and 0.5% long-term growth rate. Maybank Stock Broking House maintains a BUY rating for the land transport conglomerate.
因此，基于折现现金流（DCF）的目标价从SGD1.60增加到SGD1.65，加权平均成本（WACC）为8.3%，长期增长率为0.5%。马来亚银行证券经纪公司维持对这家陆上交通企业的买入评级。
The three new contracts, valued at approximately AUD1.6 billion (SGD1.4 billion) over a ten-year term, are set to commence in July 2025. These contracts encompass 250 public bus and school routes, serviced by over 360 buses, with funding for both buses and depots included. The transition to full ZEB operations is expected to be completed before the end of the contract term. With an assumed EBIT margin of 6% and a corporate tax rate of 30%, the incremental profit contribution is estimated to be around SGD5.9 million annually.
这三份新合同的价值约为16亿澳元（14亿新加坡元），为期十年，将于2025年7月开始。这些合同涵盖250条公共巴士和学校巴士路线，由360多辆巴士提供服务，包括巴士和车辆库的资金。预计在合同期结束之前将全面过渡为零排放运营。在假定EBIt利润率为6%和企业所得税率为30%的情况下，预计每年的新增利润贡献约为590万新加坡元。
In addition to the new contracts, CDCA will realise a one-off gain of SGD14 million from the sale of its depots at Oakleigh, Truganina, and Albion, effective from the start of the new contract term. This gain, anticipated to be booked in the third quarter of 2025, will be reinvested into the Australian business, including further investments, capital expenditure, and debt repayment.
除了新合同外，CDCA还将从新合同期开始，通过出售其在奥克利、特鲁加尼纳和阿尔比恩的车辆库获得1,400万新加坡元的一次性收益。预计这笔收益将在2025年第三季度确定，并将被重新投资到澳洲业务中，包括进一步的投资、资本支出和债务偿还。
Building on its recent successes, CDC Victoria will maintain its existing contracts while adding new services in the west and northwest regions of Melbourne. The acquisition of an additional 86 buses will increase the total fleet for Melbourne's metropolitan contracts to 369, reflecting a significant 30% growth in its Victoria Public Bus business. This expansion will enable ComfortDelGro to service approximately 20% of Melbourne's Metropolitan Network.
在取得最近的成功之后，CDC维多利亚将继续维持现有合同，并在墨尔本西部和西北地区增加新服务。增加86辆巴士的收购将使墨尔本都市合同的总车队增至369辆，反映了维多利亚公共巴士业务的显著增长30%。这一扩展将使康福德高企业能够为墨尔本都市网的约20%提供服务。
Source: Maybank
Title: Gaining momentum
来源：马来银行
标题：获得势头
