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ComfortDelGro Corporation (CD SP) Still In For The Ride
CD’s taxi segment has seen an encouraging recovery in rides and fares which will do well to support drivers’ income. Taxis have remained competitive post-Phase 2 while CD’s rental relief has also been progressively stepped down. We opine the new PDVL regulation could right-size the large private-hire fleet, keeping in mind the Self Employed Person Income Relief Scheme due for its final scheduled payout in Oct 20. Maintain BUY and target price of S$1.78, given the positive signs of recovery that remain discounted by the market.
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ISDN Holdings Ltd NDR takeaways
■ We held a non-deal roadshow (NDR) with ISDN Holdings Ltd (ISDN) on 18 Sep 2020. ■ Questions centred on its core Industrial Automation (IA), disinfectant, and the renewable energy businesses. ■ Reiterate Add with TP of S$0.501. We believe ISDN is on track for yoy net profit growth in FY20F.
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Check out our compilation of Target Prices
