ComfortDelGro ($1.51, unchanged) wishes to announce that its wholly-owned subsidiary, ComfortDelGro Engineering Pte. Ltd. (“CDGE”) has entered into a joint venture with Engie South East Asia Pte. Ltd. (“ENGIE”), a wholly-owned subsidiary of ENGIE Group, a French multinational utility company, to pursue and undertake the business of deploying and opera ng electric vehicle charging points at public and private carparks.
The joint venture is not expected to have any material impact on the net tangible assets and earning per share of the Company for the financial year ended 31 December 2021. None of the Directors and controlling shareholders of the Company has any direct or indirect interest in the above transaction, save for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company.
ComfortDelGro’s market cap stands at S$3.3bln and currently trades at 20.7x P/E and 1.2x P/B. Dividend yield stands at 2.3% and consensus target price stands at S$1.92, representing 27.2% upside from current share price.