Stay on the ride
■ We hosted CD’s management for a virtual non-deal roadshow on 28 Jun to
discuss the company’s latest operational updates and future growth plans.
■ Tighter mobility restrictions in Singapore since May have curtailed ridership,
but we see progressive recovery in 2H21F as vaccination rates ramp up.
■ CD remains committed to growing its presence abroad via organic (tenders)
and inorganic opportunities (M&A). Reiterate Add with lower TP of S$1.80.