$COMFORTDELGRO CORPORATION LTD(C52.SI)$Is it worth to revisit?

When people talk about Comfortdelgro the first thing come to their mind is Taxis. Private hired cars caused disruption to the industry and is here to stay. 

One may overstate the impact of Taxi segment of Comfortdelgro. Look at the picture from 2021 1H Financial update. Taxi only account less than 15% of its revenue.

More than 70% of its revenue come from its public transport segment. In Singapore the Duopoly (SMRT and SBS) are responsible in our public transport operations. Although there are Goahead and Towertransit, these 2 remain the major players in public transport. 

The Bus revenue is partially secured with Bus contractual model while Train revenue risk is being shared with LTA by New Rail Financing Framework. If you notice, our MRT/Bus fare has been increasing over the years. 

Other business segments that have competitive advantage are Vicom (Vehicle Testing) and driving centre.