ComfortDelGro - ComfortDelgro cut to Hold by Phillip Securities

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD
Research House: Phillip Securities

Phillip Securities downgrades ComfortDelgro (C52.SG) to Hold From Buy as it sees limited upside to its target price of $1.73; estimates 2Q net profit at $46.4 million, but warns that bus ridership, which expected to have risen in first 6 months of year, may see some erosion given opening of Circle Line in July, according to Dow Jones.



“We are forecasting bus ridership to grow 1% for the whole year to 838 million trips from 830 million trips,” says the brokerage.



ComfortDelgro results due tomorrow after market close. Stock last down 2.5% at $1.54.