Silchester International Investors, the largest shareholder of ComfortDelGro, has on March 4 paid $5.85 million to increase its stake by 4 million.

 

At this price, Silchester is paying an average of $1.4629 each.

 

The asset manager now owns nearly 152.74 million shares, equivalent to 7.05% of the company. It held 6.86% previously.

 

On Feb 27, ComfortDelGro has reported record revenue of $5.06 billion for the FY2025 ended Dec 31, 2025, 13% higher y-o-y. This also marks the first time the group&rsquo s topline has crossed the $5 billion mark. Earnings also rose by 9.4% y-o-y to $230.3 million.

 

The board has proposed a final dividend of 4.59 cents per share, bringing its total dividend for FY2025 to 8.5 cents per share, or 80% of its patmi.

FY25 revenue/PATMI were within expectations at 101%/97% of our FY25e forecast. Underlying net profit in 4Q25 declined 2% YoY to S$56mn. Taxi operating earnings declined 20% YoY to S$28.8mn.

The taxi fleet in Singapore is shrinking at a faster pace. 4Q25 taxi fleet declined 8.7% YoY, double the 4.1% fall in 4Q24. Taxi rental is a high-margin segment. There are no indications that the contraction will stabilise as competition for drivers intensifies. 

We lower our FY26e earnings by 11% to S$215mn. Our DCF target price is lowered to S$1.50, and ACCUMULATE recommendation is maintained. Earnings will be supported by continued London bus repricing, improvement in Australian driver shortages, and Manchester bus and Stockholm rail contracts. However, the loss of bus packages and a fall in the Singapore taxi fleet will be major pressure points on earnings. Comforts pay an attractive dividend yield of 6%.