UOBKayhian on 14 Feb 2014
FY14F PE (x): 14.7
FY15F PE (x): 13.8
Results in line. 4Q13 net profit grew 4% yoy to S$59.9m, while 2013 full-year net profit was up 5.7% to S$263.2m, accounting for 99.7% of our estimates. A final dividend of 4.0 S cents was declared, bringing total 2013 full-year dividend to 7.0 S cents.
Maintain BUY, with lower DCF target price of S$2.30 (WACC: 9.4%, TGR: 1.0%). We continue to like ComfortDelGro over SMRT (HOLD, TP S$1.20) for its attractive valuations (2014F PE of 14.7x vs SMRT’s 19.2x FY15 P/E), overseas growth potential, and its ability to manage a challenging domestic transport environment.
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