Core Viewpoint - OCBC maintains a "buy" rating for ComfortDelGro Corp. but slightly lowers its fair value estimate from SGD 1.75 to SGD 1.74 due to the company's performance in the first nine months of 2025 [1][3] Financial Performance - ComfortDelGro's net profit for 9M25 increased by 15.4% year-on-year to SGD 176.4 million, while revenue grew by 13.9% to SGD 3.8 billion [1] - The reported performance includes a one-time net gain from the sale of an Australian bus company, which, when excluded, shows core net profit slightly below OCBC's expectations [1] - The main drag on performance was the profit margin pressure in the "Taxi and Private Hire" segment [1] Business Segment Analysis - In the "Taxi and Private Hire" segment, revenue surged by 53.4% due to the acquisition of the UK taxi company Addison Lee, but core operating profit margin fell significantly from 19.2% to 13.4% [1] - The decline in margin is attributed to Addison Lee's lower profitability [1] - The "Public Transport" segment showed stable performance with a revenue increase of 4.5% to SGD 2.4 billion and a core operating profit growth of 20.5%, driven by new contracts and fare increases [2] Future Outlook - ComfortDelGro's failure to secure the Tampines Bus Contract, which was awarded to Go-Ahead Group, is expected to negatively impact the company's performance in the second half of 2026 [2] - However, the fare increase effective from December 27, 2025, in Singapore's public transport system is anticipated to partially offset this loss [2]