ComfortDelGro stock rallies on hopes of bus, rail growth

Analysts are optimistic about ComfortDelGro's prospects in public transit, especially for its Australian bus assets and Singapore's Downtown MRT line, but its taxi division has been hit hard by the growth of the private-hire industry.
Analysts are optimistic about ComfortDelGro's prospects in public transit, especially for its Australian bus assets and Singapore's Downtown MRT line, but its taxi division has been hit hard by the growth of the private-hire industry.ST FILE PHOTO

Share price up 20% this year despite weaker taxi business

Transport giant ComfortDelGro Corp is rallying on the stock market, with bullish sentiment driving its share price on an almost continuous trek northwards since the year started.

From below $2.20 in January, the stock price has climbed to breach $2.60 last week - almost a two-year high. The counter has posted a 20 per cent gain from the start of the year, outperforming the Straits Times Index, which chalked up a 10 per cent rise in the same period.

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A version of this article appeared in the print edition of The Straits Times on April 16, 2019, with the headline 'ComfortDelGro stock rallies on hopes of bus, rail growth'. Print Edition | Subscribe