External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

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Equity Bottom-Up

<ul><li>We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.</li><li>We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.</li><li>Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Cross Asset Strategy

<ul><li>Strategy: Macro and Flows Tracker - Currency Strength Boosts Flows</li><li>Cigarette: Waiting for change (OVERWEIGHT)</li><li>Cement sales volume March 2023: Monthly volume improved, higher market share for SMGR</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strategy: Macro and Flows Tracker - Currency Strength Boosts FlowsCigarette: Waiting for change (OVERWEIGHT)Cement sales volume March 2023: Monthly volume improved, higher market share for SMGRContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of...

RHB Invest

Equity Snapshot: April 17, 2023

See important disclosure at the back of this report bridanareksa sekuritas .co.idContent is external broker report sourced from online content...

BRI Danareksa Research

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