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%.
康福德高企業（CD SP）在澳洲取得了一系列的最新進展，正在蓄勢待發。該公司的子公司康福德高企業澳洲公司（CDCA）通過其子公司CDC維多利亞，成功獲得維多利亞交通和規劃部門「大都市零排放公交車（ZEB）特許經營權發放招標」的三個新特許經營權。在獲得這些合同後，公司FY24E每股收益預測保持不變，但FY25-26E預測上調了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，基於折現現金流（DCF）的目標價從SGD1.60增加到SGD1.65，加權平均成本（WACC）爲8.3%，長期增長率爲0.5%。馬來亞銀行證券經紀公司維持對這家陸上交通企業的買入評級。
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.
這三份新合同的價值約爲16億澳元（14億新加坡元），爲期十年，將於2025年7月開始。這些合同涵蓋250條公共巴士和學校巴士路線，由360多輛巴士提供服務，包括巴士和車輛庫的資金。預計在合同期結束之前將全面過渡爲零排放運營。在假定EBIt利潤率爲6%和企業所得稅率爲30%的情況下，預計每年的新增利潤貢獻約爲590萬新加坡元。
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還將從新合同期開始，通過出售其在奧克利、特魯加尼納和阿爾比恩的車輛庫獲得1,400萬新加坡元的一次性收益。預計這筆收益將在2025年第三季度確定，並將被重新投資到澳洲業務中，包括進一步的投資、資本支出和債務償還。
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後，CDC維多利亞將繼續維持現有合同，並在墨爾本西部和西北地區增加新服務。增加86輛巴士的收購將使墨爾本都市合同的總車隊增至369輛，反映了維多利亞公共巴士業務的顯著增長30%。這一擴展將使康福德高企業能夠爲墨爾本都市網的約20%提供服務。
Source: Maybank
Title: Gaining momentum
來源：馬來銀行
標題：獲得勢頭
