Catching A Ride And Awaiting An Aussie Bounce.

CD remains in recovery mode, as vaccination rates ramp up in 2H21. Barring another round of tightened measures, the effects of Phase 2 (Heightened Alert) should be short-term in nature, with a likely recovery in land transport activities. The group’s Australian presence is vital, as it seeks to unlock value from its assets, while potentially growing through new contract tenders. Maintain BUY with a slightly lower target price of S$1.90.