Comfort Delgro:Buy,Defying the gloom

CD reported strong 2Q17 results with SGD79.m profit. 1H17profit of SGD162m is tracking 50% of consensus 2017e profit

    Despite concern on taxi business, revenues were stable QoQ,EBIT margins improved 100bps QoQ and 1H17 profit up 2%

    We maintain our Buy rating and target price of SGD2.90