ComfortDelgro share price in dark Egypt

The last time I covered ComfortDelGro (CDG) share price was in September 2023 when the counter was trading at $1.27. Fast forward to today, the stock is hovering at virtually the same level. Yet, behind this stagnation lies a period of roller-coaster volatility.

Following a request from an SG Wealth Builder member for my insights, the timing couldn’t be better for this article. This year marks the 3-year anniversary of Cheng Siak Kian taking the helm as Group CEO. As a general rule of thumb, I typically give new CEOs a three-year grace period before assessing their track record. So let’s see whether CEO Cheng has delivered the goods.

For most Singaporeans, ComfortDelgro needs no introduction. But from an investment perspective, it is crucial to recognize that CDG is far more than a simple taxi operator. It is a diversified land transport conglomerate with an extensive fleet spanning public buses, taxis, and private-hire rental vehicles. Its footprint is anchored by two major SGX-listed subsidiaries: public transport operator SBS Transit (SGX: S61) and vehicle inspection provider Vicom (SGX: V01). Over the past decade, CDG has aggressively expanded its overseas operations, building an international portfolio across the UK, Australia, China, and Europe to reduce its reliance on the domestic market.

Despite having a well-diversified business portfolio, the Taxi and Private Hire segment remains one of ComfortDelGro’s core earnings pillars. In my previous articles, I expressed deep concerns over ComfortDelGro losing market share in this space and cautioned that once Grab turned profitable—which it achieved in 2025—it would mark the beginning of the end for CDG’s dominant status in point-to-point transport. To its credit, management clearly saw the writing on the wall and proactively pivoted towards international public transport contracts to cushion the blow.

When Cheng Siak Kian was appointed as Group CEO in 2023, it was a strong signal of the strategy ahead. Having joined ComfortDelGro in 2015 and previously helmed both SBS Transit and CDG’s Australian bus business, CEO Cheng is an insider who climbed steadily through the ranks. Crucially, international M&A was the cornerstone of his playbook during his tenure in Australia (2016–2019), where he spearheaded key deals including CDC Australia (2017), Buslink (2018), and Regional NSW Bus Operators (2018). His appointment was a definitive signal that overseas acquisitions would be CDG’s key strategy for growth moving forward.

CEO Cheng wasted no time proving his execution capabilities. Over the past three years, he has executed a series of mega international deals, including:

A2B Australia ($148.6 million)

CMAC Group ($135.7 million)

Addison Lee ($461 million).

This aggressive acquisition spree re-shaped the Group’s revenue profile. As of 1HFY2026, overseas operations now account for a staggering 55.4% of total Group revenue. Notably, ComfortDelgro achieved a historic record of $5 billion revenue for FY2025. Under his tenure, the net profit steadily increased from $180.5 million in FY2023 to $230.3 million. Against this backdrop, investors should not be complaining about the CEO’s performance. Evidently, he has delivered. But why does ComfortDelgro share price remain so sluggish despite the decent financial performances? In this article, I will share my insights on the key reasons for the bearish form of ComfortDelgro share price lately.Note that this is an opinion article and not meant to be a financial advice. Please do your due diligence or engage financial advisors before investing in the stock market. I am not vested in ComfortDelgro at the moment. Whether ComfortDelgro share price will surge or collapse has no impact on me. Thus, this article is not meant to induce readers to make any form of investment decisions.

ComfortDelgro share price should be bottoming?

Credit must be given to CEO Cheng Siak Kian for reshaping ComfortDelGro’s growth destiny. If not for his aggressive international acquisition drive over the past three years, ComfortDelGro would likely be struggling against the devasting headwinds in its domestic taxi market. Despite a challenging macro environment, net profit (PATMI) consistently climbed from $130 million in FY2021 to $230 million in FY2025.

Despite the increasing net profits in recent years, ComfortDelgro share price remains depressed. This is because [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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