150512 comfort delgro - maybank

7/29/2019 150512 Comfort Delgro - Maybank

1/7


2/715 May 2012 Page 2 of 7

ComfortDelgro

Figure 1: Geographical Segment Revenue and Operating Prof it- Overseas operatin g pro fit contri buti on now at 48.8% vs 41.3% in 1Q11

Source: Company

Figure 2: Revenue growth in all major business segments- Total revenue growth at 6.5% YoY

Source: Company


3/715 May 2012 Page 3 of 7

ComfortDelgro

Figure 3: Detailed breakdown of CDGs business segment revenue and profit.

Source: Company

Figure 4: ComfortDelGro historical P/E

Source: Bloomberg, Maybank KE

9.0

11.0

13.0

15.0

17.0

19.0

21.0

M a y

0 4

M a y

0 5

M a y

0 6

M a y

0 7

M a y

0 8

M a y

0 9

M a y

1 0

M a y

1 1

M a y

1 2

P/E (x)

= 13.5x

Mean = 15.0x

+ = 16.6x


4/715 May 2012 Page 4 of 7

ComfortDelgro

PROFIT AND LOSS (SGD m) BALA NCE SHEET (SGD m)

FYE Dec 2010 2011 2012F 2013F 2014F FYE Dec 2010 2011 2012F 2013F 2014FSales 3,206.9 3,411.1 3,617.6 3,841.6 4,062.7 Total asset s 4,381.4 4,589.2 4,679.4 4,865.3 5,054.9Cost of goods sold 0.0 0.0 0.0 0.0 0.0 Current assets 1,000.5 979.4 901.7 1,036.7 1,193.0Gross pro fit 3,206.9 3,411.1 3,617.6 3,841.6 4,062.7 Cash 566.7 576.7 431.4 537.3 664.8Other income 0.0 0.0 0.0 0.0 0.0 ST investments 0.0 0.0 0.0 0.0 0.0Operating expenses -2,818.5 -3,011.9 -3,213.3 -3,419.6 -3,626.6 Trade & other receivables 369.3 346.2 397.9 422.6 446.9Operating prof it 388.4 399.2 410.3 428.0 442.1 Inventory 58.7 56.5 72.4 76.8 81.3Net interest income (exp) -28.5 -25.3 -27.0 -28.0 -29.0 Other assets 3,380.9 3,609.8 3,777.7 3,828.6 3,861.9Share of associates 6.4 5.3 5.3 5.3 5.3 LT investments 144.8 92.1 132.8 129.4 129.4Net exceptional 0.0 0.0 0.0 0.0 0.0 Net fixed assets 2,768.8 3,011.0 3,138.2 3,192.5 3,225.8Pretax income 366.3 379.2 388.5 405.2 418.4 Others 321.5 361.0 361.0 361.0 361.0Income taxes -78.1 -81.7 -83.5 -87.1 -90.0 Intangible 145.8 145.7 145.7 145.7 145.7Minority interest 59.7 61.9 63.5 65.0 66.5 Total liabil it ies 2,033.8 2,115.3 2,083.6 2,142.8 2,201.5Net inc ome 228.5 235.6 241.5 253.1 261.9 Current liabilities 918.2 1,002.1 1,158.6 1,217.8 1,276.5EPS (cts ) 11.0 11.3 11.5 12.1 12.5 Trade & other payables 690.0 783.8 938.6 987.8 1,036.5EBITDA 679.3 715.8 735.8 773.7 807.8 ST debt 188.2 198.3 200.0 210.0 220.0

Others 40.0 20.0 20.0 20.0 20.0Long-term liabilities 1,115.6 1,113.2 925.0 925.0 925.0LT debt 523.1 433.6 450.0 450.0 450.0

Others 592.5 679.6 475.0 475.0 475.0Total equi ty 2,347.6 2,473.9 2,595.8 2,722.4 2,853.4Paid-in capital 565.5 568.6 568.6 568.6 568.6Reserve 1,199.3 1,318.4 1,439.1 1,565.7 1,696.7Others 35.7 4.5 5.7 5.7 5.7Minority interest 547.1 582.4 582.4 582.4 582.4

CASH FLOW (SGD m) KEY RATIOS

FYE Dec 2010 2011 2012F 2013F 2014F FYE Dec 2010 2011 2012F 2013F 2014F

Operating cash flow 592.6 777.5 664.4 629.0 659.8 Growth (% YoY)Pretax income 366.3 379.2 388.5 405.2 418.4 Sales 5.1 6.4 6.1 6.2 5.8Depreciation & amortisation 290.9 316.6 325.6 345.7 365.6 OP 11.0 2.8 2.8 4.3 3.3Change in working capital -61.0 98.5 87.2 20.2 19.9 EBITDA 7.9 5.4 2.8 5.1 4.4

Others -3.6 -16.8 -136.9 -142.2 -144.2 NP 4.1 3.1 2.5 4.8 3.5Investment cash flow -399.7 -486.5 -490.7 -396.6 -399.0 EPS 4.1 3.0 2.4 4.7 3.4Net capex -394.9 -489.9 -450.0 -400.0 -399.0 Profitability (%)Change in LT investment -35.1 -13.3 -40.7 3.4 0.0 Gross margin NA NA NA NA NAChange in other assets 30.3 16.7 0.0 0.0 0.0 Operating margin 12.1 11.7 11.3 11.1 10.9Financing cash flow -111.8 -281.0 -319.0 -126.5 -133.3 EBITDA margin 21.2 21.0 20.3 20.1 19.9Change in share capital 5.2 6.2 0.0 0.0 0.0 Net profit margin 7.1 6.9 6.7 6.6 6.4Net change in debt 69.5 -119.9 18.1 10.0 10.0 ROA 5.4 5.3 5.2 5.3 5.3Change in other LT liab. -74.4 -52.3 -216.4 -9.9 -12.3 ROE 13.1 12.8 12.4 12.2 11.9Dividends paid -112.1 -115.0 -120.7 -126.6 -131.0 StabilityNet cash flow 81.1 10.0 -145.3 105.9 127.5 Gross debt (cash)/equity (%) 30.3 25.5 25.0 24.2 23.5Free cash flow 197.7 287.6 214.4 229.0 260.8 Net debt (cash)/equity (%) 6.2 2.2 8.4 4.5 0.2

Int. coverage (X) 10.9 11.3 11.7 12.2 12.6Int. & ST debt coverage (X) 1.7 1.7 1.7 1.7 1.7Cash flow int. coverage (X) 16.6 22.0 19.0 18.0 18.9Cash flow int. & ST debt (X) 2.6 3.3 2.8 2.6 2.6Current ratio (X) 1.1 1.0 0.8 0.9 0.9Quick ratio (X) 1.0 0.9 0.7 0.8 0.9Net debt (cash) ($'m) 144.6 55.2 218.6 122.7 5.2Per share data (cts)EPS 11.0 11.3 11.5 12.1 12.5CFPS 28.4 37.2 31.8 30.0 31.5BVPS 86.2 90.5 96.2 102.2 108.3SPS 153.7 163.2 173.0 183.5 193.9EBITDA/share 32.6 34.3 35.2 37.0 38.5DPS 5.5 6.0 6.0 6.0 6.0

Source: Company, Maybank KE


5/715 May 2012 Page 5 of 7

ComfortDelgro

RESEARCH OFFICES REGIONAL

P K B ASU Regional Head, Research & Economics(65) 6432 1821 [email protected] Chew Hann, CA Regional Head of Institutional Research(603) 2297 8686 [email protected] Mun HonRegional Strategist (852) 2268 0630 [email protected] NG Seng YeowRegional Products & Planning(852) 2268 0644 [email protected]

ECONOMICSSuhaimi I LIAS Chief Economist

Singapore | Malaysia(603) 2297 8682 [email protected] L ORENZO Economist

Philippines | Indonesia

(63) 2 849 8836 [email protected] S UWISUTTANGKUL Economist

Thailand(662) 658 6300 [email protected]

MALAYSIAWONG Chew Hann, CA Head of Research (603) 2297 8686 [email protected]

StrategyConstruction & Infrastructure

Desmond C HNG , ACA(603) 2297 8680 [email protected]

Banking - Regional LIAW Thong Jung(603) 2297 8688 [email protected]

Oil & GasAutomotiveShipping

ONG Chee Ting(603) 2297 8678 [email protected]

PlantationsMohshin A ZIZ (603) 2297 8692 [email protected]

AviationPetrochemPower

YIN Shao Yang, CPA(603) 2297 8916 [email protected]

Gaming RegionalMedia Power

WONG Wei Sum, CFA(603) 2297 8679 [email protected]

Property & REITsLEE Yen Ling(603) 2297 8691 [email protected]

Building MaterialsManufacturingTechnology

LEE Cheng Hooi Head of Retail [email protected]

Technicals

HONG KONG / CHINAEdward F UNG Head of Research (852) 2268 0632 [email protected]

ConstructionIvan C HEUNG (852) 2268 0634 [email protected]

PropertyIndustrial

Ivan L I (852) 2268 0641 [email protected]

Banking & FinanceJacqueline K O (852) 2268 0633 [email protected]

Consumer Staples Andy P OON (852) 2268 0645 [email protected]

Telecom & equipmentSamantha K WONG (852) 2268 0640 [email protected]

Consumer Discretionaries Alex Y EUNG (852) 2268 0636 [email protected]

IndustrialCatherine C HAN (852) 2268 0631 [email protected]

Cement Ani ta H WANG , CFA | Jacky W ONG , CFA [email protected] | [email protected](852) 2268 0142 | (852) 2268 0107

Special SituationsQuants

INDIAJigar S HAH Head of Research (91) 22 6623 2601 [email protected]

Oil & GasAutomobileCement

Anub hav G UPTA (91) 22 6623 2605 [email protected]

Metal & MiningCapital goodsProperty

Haripreet B ATRA (91) 226623 2606 [email protected]

SoftwareMedia

Ganesh R AM (91) 226623 2607 [email protected]

TelecomContractor

Darpin S HAH (91) 226623 2610 [email protected]

Banking & Financial ServicesGagan K WATRA (91 )226623 2612 [email protected]

Small Cap

SINGAPOREStephanie W ONG Head of Research (65) 6432 1451 [email protected]

StrategySmall & Mid Caps

Gregory Y AP (65) 6432 1450 [email protected]

Technology & ManufacturingTelcos - Regional

Wilson L IEW (65) 6432 1454 [email protected]

Hotel & ResortProperty & Construction

James K OH (65) 6432 1431 [email protected]

LogisticsResourcesConsumerSmall & Mid Caps

YEAK Chee Keong, CFA(65) 6433 5730 [email protected]

HealthcareOffshore & Marine

Ali son F OK (65) 6433 5745 [email protected]

ServicesS-chips

Bernard C HIN (65) 6433 5726 [email protected]

Transport (Land, Shipping & Aviation)ONG Kian Lin(65) 6432 1470 [email protected]

REITs / P ropertyWei Bin(65) 6432 1455 [email protected]

S-chipsSmall & Mid Caps

INDONESIAKatarina S ETIAWAN Head of Research

(62) 21 2557 1125 [email protected]

Lucky A RIESANDI , CFA (62) 21 2557 1127 [email protected]

Base metalsCoalOil & Gas

Rahmi M ARINA (62) 21 2557 1128 [email protected]

BankingMultifinance

Pandu A NUGRAH (62) 21 2557 1137 [email protected]

AutoHeavy equipmentPlantationToll road

Adi N. W ICAKSONO (62) 21 2557 1130 [email protected]

Generalist Anth ony Y UNUS (62) 21 2557 1134 [email protected]

CementInfrastructureProperty

Arw ani P RANADJAYA (62) 21 2557 1129 [email protected]

Technicals

PHILIPPINESLuz L ORENZO Head of Research +63 2 849 8836 luz_ [email protected]

StrategyLaura D Y-LIACCO (63) 2 849 8840 [email protected]

UtilitiesConglomeratesTelcos

Lovell S ARREAL (63) 2 849 8841 [email protected]

ConsumerMediaCementMining

Kenneth N ERECINA (63) 2 849 8839 [email protected]

ConglomeratesPropertyPorts/ Logistics

Katherine T AN (63) 2 849 8843 [email protected]

BanksConstruction

THAILANDMayuree C HOWVIKRAN Head of Research (66) 2658 6300 ext 1440 [email protected]

StrategyMaria B RENDA S ANCHEZ L APIZ Co-Head of Research Dir (66) 2257 0250 | (66) 2658 6300 ext [email protected]

Andr ew S TOTZ Strategist (66) 2658 6300 ext [email protected] P EERASUB (66) 2658 6300 ext 1430 [email protected]

MediaCommerce

Sutthichai K UMWORACHAI (66) 2658 6300 ext 1400 [email protected]

EnergyPetrochem

Termporn T ANTIVIVAT (66) 2658 6300 ext 1520 [email protected]

PropertyWoraphon W IROONSRI (66) 2658 6300 ext 1560 [email protected]

Banking & FinanceJaroonpan W ATTANAWONG (66) 2658 6300 ext 1404 [email protected]

TransportationSmall cap.

Suchot T HIRAWANNARAT (66) 2658 6300 ext 1550 [email protected]

AutomotiveConstruction MaterialsSoft commodity

VIETNAMMichael K OKALARI, CFA Head of Research +84 838 38 66 47 [email protected]

StrategyNguyen Thi Ngan Tuyen

+84 844 55 58 88 x 8081 [email protected] and BeverageOil and Gas

Ngo Bich Van+84 844 55 58 88 x 8084 [email protected]

BankingNguyen Quang Duy+84 844 55 58 88 x 8082 [email protected]

RubberDang Thi Kim Thoa+84 844 55 58 88 x 8083 [email protected]

ConsumerNguyen Trung Hoa+84 844 55 58 88 x 8088 [email protected]

SteelSugarMacro


6/715 May 2012 Page 6 of 7

ComfortDelgro

Definiti on of RatingsMaybank Kim Eng Research uses the following rating system:

BUY Total return is expected to be above 15% in the next 12 monthsHOLD Total return is expected to be between -15% to +15% in the next 12 monthsSELL Total return is expected to be below -15% in the next 12 months

Appl icabi li ty of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings areonly applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do notcarry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):

Adex =Advertising Expenditure FCF =Free Cashflow PE =P rice EarningsBV =Book Value FV =Fair Value PEG =PE Ratio To GrowthCAGR =Compounded Annual Growth Rate FY =Financial Year PE R =PE RatioCapex =Capital Expenditure FYE =Financial Year End QoQ =Quarter-On-QuarterCY =Calendar Year MoM =Month-On-Month ROA =Return On AssetDCF =Discounted Cashflow NAV =Net Asset Value ROE =Return On Equity

DPS =Dividend Per Share NTA =Net Tangible Asset ROSF =Return On Shareholders FundsEBIT =Earnings Before Interest And Tax P =Price WACC =Weighted Average Cost Of CapitalEBITDA =EBIT, Depreciation And Amortisation P.A. =P er Annum YoY =Year-On-YearEP S =Earnings Per Share PAT =Profit After Tax YTD =Year-To-DateEV =Enterprise Value PBT =P rofit Before Tax

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS

This report, and any electronic access to it, is restricted to and intended only for clients of Maybank Kim Eng Research Pte. Ltd. ("Maybank KERPL") or a relatedentity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the SingaporeFinancial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below.

IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULDDISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TORECEIVE SUCH REPORTS.

This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investmentadvice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. Theinformation and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles.

The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed inthis report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their ownskill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and areencouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in thisreport. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investorsindividual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either asis or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related andaffiliate companies and/or their employees. You understand that you are using this report AT Y OUR OWN RISK.

This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Maybank Kim Eng affiliated entity/entitiesoperating and carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively or individually, as the context requires, "MaybankKim Eng") which has, vis--vis a relevant Authorised Person, approved of, and is solely responsible in that jurisdiction for, the contents of thispublication in that jurisdiction.

Maybank Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of companiesmentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Maybank Kim Eng its relatedcompanies or associated/affiliated persons.

Maybank Kim Eng and its related and affiliated companies are involved in many businesses that may relate to companies mentioned in this report. Thesebusinesses include market making and specialised trading, risk arbitrage and other proprietary trading, fund management, investment services and corporatefinance.

Except with respect the disclosures of interest made above, this report is based on public information. Maybank Kim Eng makes reasonable effort to usereliable, comprehensive information, but we make no representation that it is accurate or complete. The reader should also note that unless otherwise stated,none of Maybank Kim Eng or any third-party data providers make ANY warranties or representations of any kind relating to the accuracy, completeness, ortimeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.

Proprietary Rights to Content. The reader acknowledges and agrees that this report contains information, photographs, graphics, text, images, logos, icons,typefaces, and/or other material (collectively Content) protected by copyrights, trademarks, or other proprietary rights, and that these rights are valid andprotected in all forms, media, and technologies existing now or hereinafter developed. The Content is the property of Maybank Kim Eng or that of third partyproviders of content or licensors. The compilation (meaning the collection, arrangement, and assembly) of all content on this report is the exclusive property of Maybank Kim Eng and is protected by Singapore and international copyright laws. The reader may not copy, modify, remove, delete, augment, add to, publish,transmit, participate in the transfer, license or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part, except asspecifically permitted herein. If no specific restrictions are stated, the reader may make one copy of select portions of the Content, provided that the copy is madeonly for personal, information, and non-commercial use and that the reader does not alter or modify the Content in any way, and maintain any notices containedin the Content, such as all copyright notices, trademark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as permittedby the fair dealing privilege under copyright laws, the reader may not reproduce, or distribute in any way any Content without obtaining permission of the ownerof the copyright, trademark or other proprietary right. Any authorised/permitted distribution is restricted to such distribution not being in violation of the copyrightof Maybank Kim Eng only and does not in any way represent an endorsement of the contents permitted or authorised to be distributed to third parties.


7/715 May 2012 Page 7 of 7

ComfortDelgro

MalaysiaMaybank Investment Bank Berhad(A Participating Organisation of Bursa Malaysia Securities Berhad)33rd Floor, Menara Maybank,100 Jalan Tun Perak,50050 Kuala Lumpur

Tel: (603) 2059 1888;Fax: (603) 2078 4194

SingaporeMaybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research Pte Ltd9 Temasek Boulevard#39-00 Suntec Tower 2Singapore 038989

Tel: (65) 6336 9090Fax: (65) 6339 6003

LondonMaybank Kim Eng Securities(London) Ltd 6/F, 20 St. Dunstans HillLondon EC3R 8HY, UK

Tel: (44) 20 7621 9298

Dealers Tel: (44) 20 7626 2828Fax: (44) 20 7283 6674

New YorkMaybank Kim Eng SecuritiesUSA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A.

Tel: (212) 688 8886

Fax: (212) 688 3500

Stockbroking Business:Level 8, Tower C, Dataran Maybank,No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888Fax: (603) 2282 5136

Hong KongKim Eng Securities (HK) Ltd Level 30,Three Pacific Place,1 Queens Road East,Hong Kong

Tel: (852) 2268 0800Fax: (852) 2877 0104

IndonesiaPT Kim Eng Securities Plaza BapindoCitibank Tower 17 th Floor Jl Jend. Sudirman Kav. 54-55Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188Fax: (62) 21 2557 1189

IndiaKim Eng Securities India Pvt Ltd2nd Floor, The International 16,Maharishi Karve Road,Churchgate Station,Mumbai City - 400 020, India

Tel: (91).22.6623.2600Fax: (91).22.6623.2604

PhilippinesMaybank ATR Kim Eng SecuritiesInc.

17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala AvenueMakati City, Philippines 1200

Tel: (63) 2 849 8888Fax: (63) 2 848 5738

ThailandMaybank Kim Eng Securities(Thailand) Public Company

Limited 999/9 The Offices at Central World,20th- 21st Floor,Rama 1 Road Pathumwan,Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)Tel: (66) 2 658 6801 (research)

VietnamIn association withKim Eng Vietnam SecuritiesCompany1st Floor, 255 Tran Hung Dao St.District 1Ho Chi Minh City, Vietnam

Tel : (84) 838 38 66 36Fax : (84) 838 38 66 39

Saudi ArabiaIn association with Anfaal Capi talVilla 47, Tujjar JeddahPrince Mohammed bin AbdulazizStreet P.O. Box 126575Jeddah 21352

Tel: (966) 2 6068686Fax: (966) 26068787

South Asia Sales TradingConnie [email protected]: (65) 6333 5775US Toll Free: 1 866 406 7447

North Asia Sales TradingEddie [email protected]: (852) 2268 0800US Toll Free: 1 866 598 2267

www.maybank-ke.com | www.kimengresearch.com.sg

APPENDIX I

Add iti onal inf orm atio n on ment ion ed sec uri ties is availab le on requ est.

Jurisdiction Specific Additional Disclaimers:

THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE P RESS OR OTHER MEDIA, ANDMAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR

TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWSIN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.

THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE P RESS OR OTHER MEDIA, ANDMAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANYMALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BYACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FORE GOING LIMITATIONS.

Without prejudice to t he foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from ot her than Singapore.

As of 15 May 2012, Maybank Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in ComfortDelgro.

Anal yst Certi fic atio n:

The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

2012 Maybank Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributedin any manner without the prior written permission of Maybank Kim Eng Research Pte. Ltd. Maybank Kim Eng Research Pte. Ltd. accepts no liability whatsoeverfor the actions of third parties in this respect.

Stephanie WongCEO, Maybank Kim Eng Research

150512 comfort delgro - maybank

Documents