ComfortDelgro has operations in seven countries with following revenue for FY 2010 in brackets:
Singapore ($1,832 m), UK ($698 m), Australia ($377 m), China ($274 m), Ireland ($13 m), Vietnam ($7.4 m), Malaysia ($3 m)
The major parts of Singapore operations come from listed bus and train subsidiary, SBS Transit Limited, ComfortDelgro taxis and listed vehicle inspection business, VICOM Limited. ComfortDelgro owns 75% of SBS Transit Limited and 68% of VICOM Limited.
The train operations include the North East Line (NEL) and Light Rail Transit (LRT) in Sengkang and Punggol . Average daily bus ridership increased by 4% to 2.36 million and average daily rail ridership rose by 15.9% to 430,417.
Key Performance Numbers
Net Profit $228.5 million (up 4.1%)
ROE 13.1% (drop 0.4% point)
EPS 11 cents
Total dividend per share 5.5 cents (50% of EPS)
Dividend yield 3.55% (based on year-end share price)
Net assets per share 86.2 cents
Share price at 5 April 2011 was $1.53
Net Profit for 2010 was $228.5 million, which was an increase of 4.1 per cent from 2009. However, ComfortDelgro suffered foreign exchange translation loss of $16.4 million for their overseas operations. When this loss is included in the comprehensive income, total income was down to $217.5 million (2009 at $236 million).
Return on Equity (ROE) was quite constant over past three years at 13.1 per cent for 2010. Half of earnings per share was given out as dividend and dividend yield was a reasonable 3.55 per cent.
Share price is now trading at 1.7 times book value.
Copyright © 2011, limkimtong for Living Investment
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