DBS Group Research on Thursday said that the market has not priced in a Phase Three Singapore reopening for ComfortDelGro Corporation, raising its target price to S$1.96 from S$1.63 and reiterating its"buy" call.
Shares of the mainboard-listed transport operator slipped S$0.02 or 1.3 per cent to S$1.49 as at 11.02am on Friday. Referencing community mobility data from Google, DBS analyst Andy Sim said there has been a gradual increase in mobility since the Phase Two reopening on June 19, indicating that people have been moving around more.
"With the continued low infection rates and potential for further easing in Singapore towards Phase Three, we could see mobility figures take a further turn up," he said. Thus, a Phase Three reopening could be a near-term catalyst. Mobility figures for residential areas should drop, while those for transit, retail and recreation and workplaces should increase as seen in Phase Two, Mr Sim added. This comes as more workers return to offices, leading to a rise in commuting.
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