CDI is a "GUILD" consisted of 'consulting craftspeople' specialized in solving our client's unique management issues and providing a hands-on, order-made solution, which ultimately helps our client overcome their issues. Recently we made a corporate profiling of ComfortDelgro Corporation, the largest Taxi company in Singapore. This material is organized in the order of presenting CDI’s understanding of ComfortDelGro Corporation’s business based on the market environment, competitive environment and business economics. We can offer you a brief but in-depth insight analysis report about your investment candidate companies. And also, We can offer you an industry version of above insight analysis report which can help to build your mid-long term investment portfolio strategy. To see more details, please visit our website on http://www.cdi-japan.co.jp/english/

1. −0−
Sample of CDI’s Enterprise Insight Analysis Report
ComfortDelGro Corporation
Corporate Directions, Inc.
Sample Report of
Enterprise Insight Analysis

2. −1−
Structure of this Report
This material is organized in the order of presenting CDI’s understanding of ComfortDelGro Corporation’s
business based on the market environment, competitive environment and business economics.
Although we do not make a performance simulation on this sample case, that can be available according to
customer’s needs
Report Structure Contents Included
Basic Company Information
Market
Environment
Competitive
Environment
Business
Economics
Insight Driven
& Performance Simulation
Including business composition, performance summary (by business
segment, geographical segment), cost structure, etc.
Market environment section includes, market segmentation, size and
growth potential, possibility and direction of market change
Competitive environment section includes, competitor information,
strategies and trends, competitive factors and mechanism
Business economics is derived by above market and competitive
environment analysis
Final conclusion of CDI’s insight and essence about target company which
contains future prospect and in some case, performance simulation

3. −2−
Executive Summary (1)
Basic Information
ComfortDelGro’s operates as a land transportation company. The businesses include bus, taxi, rail, car rental
and leasing, automotive engineering services, inspection and testing services, driving center, insurance broking
services and outdoor advertising.
Public transport and taxi are the two major business units as the combined revenue represents 89.8% of the
group total revenue.
Public Transport
Taxi
Bus Station
Automotive
Engineering Services
Inspection and Testing
Services
Car Rental and Leasing
Driving Centre
Revenue [S$ m, 2016]
Composition Ratio (%)
2,307.3
56.8%
1.340.8
33.0%
26.9
0.7%
39.7
1.0%
36.3
0.9%
103.7
2.6%
204.8
5.0%
Business Description
Public transport services consist of bus and rail. Bus business includes scheduled bus and unscheduled
bus that covers school, corporate and Premium Bus Service contracts.
ComfortDelGro Taxi is the largest taxi operator in Singapore with a combined fleet of 16,822 Comfort
and CityCab taxis.
Engineering business serves as a strong support for taxi business to maintain the company’s fleet of
vehicles. The engineering arm also services and maintains fleets of large corporations and individuals.
The company second listed subsidiary, VICOM Ltd provides both vehicle and non-vehicle testing such
as health screening packages for corporations and individuals.
The Driving Centre provides learner driver training services. The class includes licensing and non-
licensing training that offers a wider scope of commercial vehicle training including ambulance, fire
engine and prime mover training.
ComfortDelGro Rent-A-Car offers car rental & leasing services as well as chauffeur-driven services on a
daily, monthly and long term basis.
ComfortDelGro Bus has been recognised as the market leader in the private bus industry in Singapore.
The business is in bus chartering on regular and ad-hoc basis.
Source: Annual Report 2016

4. −3−
Executive Summary (2)
Taxi Segment - Economical Impact Analysis
Operating Profit of Taxi business is supposed to be stable or slightly decrease in near future due to high
competitive environment from expansion of rail network in Singapore and ride-sharing service but it is
compensated by withdrawal from the market by smaller competitors and tying up with ride-sharing service.
ComfortDelGro is forced to change revenue scheme and invest more in marketing correspond to the change of
competitive environment.
Number of fleets
Revenue
(per fleet)
X
Cost
(per fleet)
= Operating Profit-
Performance per fleet

5. −4−
Executive Summary (3)
Public Transport Segment - Economical Impact Analysis
Bus
Rail
Ridership on rail service is increasing which
result the growth on rail segment.
The opening of downtown line makes the rail
segment plays the more important roles in public
transport service portfolio.
Negotiation power on fare is still a key factor for
this segment.
Effort on attracting more passenger is the key
factor of the growth in the future.
Good performance and bidding power is required
for future expansion in new building lines.
Decrease on revenue in 2017 is expected due to
the lost of 30 bus routes that opened for tender.
There will no package out for tender within
2years, therefore, for short term wise stable
performance could be expected from bus
segment.
Staff productivity is the key factor of the
competitiveness under the new Bus Contracting
Model.
Staff cost reduction is required in order to keep
the competitive bidding price against competitor.
Current Future
Public transport service segment is expected to stay stagnant where the lost of bus routes will be covered by the
increase of ridership in rail segment.

6. −5−
Executive Summary (4)
Industry outlook
Both ComfortDelGro and SMRT Singapore business shows uncertainty due to the possibility of changes in
regulations, while ComfortDelGro place a hope on oversea business through investment activities.
Source: Annual Report
ComfortDelGro SMRT
895
970
1,057
1,119
1,164
1,236
1,297
24%
20%
14%
10%
7%
10%
11%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
200
400
600
800
1,000
1,200
1,400
10 11 12 13 14 15 16
(S$ mil)
(Year)
Revenue Operating Profit Margin
3,207
3,411
3,545
3,748
4,051 4,112 4,060
12.3% 11.7% 11.6% 11.3% 10.9% 11.0% 11.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
10 11 12 13 14 15 16
(S$ mil)
(Year)
Revenue Operating Profit Margin
[ComfortDelGro Revenue and Operating Profit Margin] [SMRT Revenue and Operating Profit Margin]
“As fare adjustments have not kept pace with rising operating costs over
the years, the current rail operating landscape continues to be
challenging. The Group is expected to incur higher operating expenses
attributable to the intensive maintenance and renewal programmes of the
ageing network in addition to running an enlarged train fleet as well as
commencement of the Tuas West Extension in FY2017.” - Annual Report
ComfortDelGro has maintain at a certain level for recent
years, while overseas business will be the key for
company’s future growth.
SMRT is expected to bear the pressure from the increasing
of maintenance expenses on ageing network and enlarged
train fleet.
“In Singapore, we will closely monitor new regulations that may emerge
following the release of the Report by the CFE.”
“Our efforts to continue our overseas investments may need to be
intensified. A new strategy may need to evolve in light of new changes
and challenges.” - Annual Report 2016

7. −6−
Executive Summary (5)
Current Status and Future Forecast of ComfortDelGro’s Business Economics
Existing business which mainly contributed by taxi and public transport segment in Singapore is expected to stay
stagnant, while overseas M&A activities will be the key of future growth.
Taxi
Public Transport
(Mainly
Singapore)
Current status assessment Future forecast
Oversea M&A
Taxi business is supposed to be stable in near
future due to expansion of rail network and ride-
sharing service in Singapore which will be
compensated by withdrawal of smaller
competitors from the market and tie up with ride-
sharing service.
The development of ride-sharing apps and self-
driving technology could be a treat for traditional
taxi industry.
However, base on the company’s actions on tying
up with ride-sharing app provider, we think that this
company has a high adaptability against the
change of business environment.
Public transport is expected to stay stagnant in
short term.
Although there will be a drop in bus segment
due to the lost of existing bus route that
opened for tender under new Bus Contracting
Model, but will be compensated by the opening
of Downtown line phase 3 in Singapore.
Staff productivity is the key factor for bus segment
to keep the competitive bidding price against
competitor, while for rail segment, performance on
existing operation and bidding power will be the
key for future expansion in new building lines.
Acquisition and joint ventures with existing players in countries other than Singapore have been the key of
contribution of the company’s growth.
Therefore, acquisition activities throughout the emerging countries including Malaysia and Vietnam that they
had entered continue to be the key of future growth.

8. −7−
Overview about ComfortDelGro Corporation Ltd

9. −8−
Overview
Company Basic Information
Company Name : ComfortDelGro Corporation Ltd
Business Description: ComfortDelGro’s operates as a land transportation company. The businesses include bus, taxi, rail, car
rental and leasing, automotive engineering services, inspection and testing services, driving center, insurance broking services
and outdoor advertising.
Industry : Land Transportation
Address : 205 Braddell Road, Singapore 579701
Representative: Hong Pak Kua (Group Chief Executive Officer)
Listed Stock Exchange: Singapore Stock Exchange, London Stock Exchange
Founded : 29 March 2003
Capital Stock: 701.15 SGD Million (FY2016/12)
Revenue : 4,059.5 SGD Million (FY2016)
No. of employee: 22,048
No. of Office: 41 (Singapore7, China13, Australia16, Ireland1, Vietnam2, Malaysia2)
Source: http://www.comfortdelgro.com.sg/ourcompany.aspx?id=4, http://www.comfortdelgro.com.sg/ourcompany.aspx?id=9, SPEEDA

10. −9−
Public transport and taxi are the two major business units as the combined revenue represents 89.8% of the
group total revenue.
Source: Annual Report 2016
Revenue [S$ m, 2016]
Composition Ratio (%)
Public Transport
Business Description
2,307.3
56.8%
Taxi
Bus Station
Automotive
Engineering Services
Inspection and
Testing Services
Car Rental and
Leasing
Driving Centre
1.340.8
33.0%
26.9
0.7%
39.7
1.0%
36.3
0.9%
103.7
2.6%
204.8
5.0%
Public transport services consist of bus and rail. Bus business includes scheduled
bus and unscheduled bus that covers school, corporate and Premium Bus
Service contracts.
ComfortDelGro Taxi is the largest taxi operator in Singapore with a combined fleet of
16,822 Comfort and CityCab taxis.
Engineering business serves as a strong support for taxi business to maintain the
company’s fleet of vehicles. The engineering arm also services and maintains fleets
of large corporations and individuals.
The company second listed subsidiary, VICOM Ltd provides both vehicle and non-
vehicle testing such as health screening packages for corporations and individuals.
The Driving Centre provides learner driver training services. The class includes
licensing and non-licensing training that offers a wider scope of commercial vehicle
training including ambulance, fire engine and prime mover training.
ComfortDelGro Rent-A-Car offers car rental & leasing services as well as chauffeur-
driven services on a daily, monthly and long term basis.
ComfortDelGro Bus has been recognised as the market leader in the private bus
industry in Singapore. The business is in bus chartering on regular and ad-hoc basis.
Overview
Business Composition

11. −10−
Business Outline
Overall Revenue and Profit
Over the past eight years, group revenue has gradually increased at a CAGR of 4.2%. EBITDA is higher than
operating profit at double because of high depreciation amortization.
In 2016, Operating profit is S$ 462.2 mil while depreciation and amortization costs S$ 396 mil.
Source: Annual Report 2011 & 2016
Total Revenue
(S$ mil)
Operating Profit
Margin (%)
[Total Revenue and Operating Profit Margin]
(2009-2016)
3,052
3,207
3,411 3,545
3,748
4,051 4,112 4,060
11% 12% 12% 12% 11% 11% 11% 11%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
1,000
2,000
3,000
4,000
5,000
9 10 11 12 13 14 15 16 Year
Total Revenue Operating Profit
[EBITDA Margin, Operating Profit Margin, Net Profit Margin]
(2009-2016)
20.6% 21.2% 21.0% 20.7% 20.4%
19.6%
20.4%
21.1%
11.5%
12.1% 11.7% 11.6% 11.4% 10.9% 11.0% 11.4%
7.2% 7.1% 6.9% 7.0% 7.0% 7.0% 7.3% 7.8%
0%
10%
20%
30%
09 10 11 12 13 14 15 16
EBITDA
Margin
Operating
Profit
Margin
Net Profit
Margin

12. −11−
1,729 1,833
1,971
2,104
2,230
2,400 2,469 2,546
749
712
688
681
802
1,014
1,024 924
277
378
466
492
485
414 387 386
285
275
276
260
220
213 220 192
3,052
3,208
3,411
3,546
3,747
4,052 4,112 4,060
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
09 10 11 12 13 14 15 16
MALAYSIA
VIETNAM
CHINA
AUSTRALIA
UNITED KINGDOM
SINGAPORE
Business Outline
Revenue by geographical segment
Business in Singapore generates a major portion of total revenue at a CAGR of 5.7%.
In 2016, Business in Singapore generates more than 60% of total revenue.
Source: Annual Report 2016
(S$ mil)
[Revenue by geographical segment]
(2009-2016)
[Revenue Proportion by geographical segment]
(2009-2016)
CAGR (09-16)
-0.4%
1.7%
-5.5%
4.9%
3.0%
5.7%
56.7% 57.1% 57.8% 59.3% 59.5% 59.2% 60.0% 62.7%
24.5% 22.2% 20.2% 19.2% 21.4% 25.0% 24.9% 22.8%
9.1% 11.8% 13.7% 13.9% 12.9% 10.2% 9.4% 9.5%
9.3% 8.6% 8.1% 7.3% 5.9% 5.3% 5.4% 4.7%
0%
25%
50%
75%
100%
09 10 11 12 13 14 15 16

13. −12−
Business Outline
Overall Cost Structure
Staff costs is the major cost at 40% of overall cost and it is the major driver of increased total cost with a CAGR of
7.5% during 2012-2016.
Source: http://www.comfortdelgro.com.sg/investor-relations.aspx?year=2017&id=42
35% 37% 38% 38% 41%
14%
15% 15% 15%
16%
10%
10% 10% 11%
11%
9%
9% 9% 8%
6%5%
7% 7% 7% 7%
10%
7% 7% 6% 4%
4% 4% 4% 4% 4%
4% 4% 4% 3% 3%
8% 7% 8% 8% 8%
0%
25%
50%
75%
100%
12 13 14 15 16
Other Operating Costs
Insurance premiums and accident claims
Road tax
Materials and consumables
Repairs & Maintenance Costs
Fuel and electricity costs
Depreciation & Amortization Costs
Contract services
Staff Costs
(S$3,113.0 mil) (S$3,321.4 mil) (S$3,609.2 mil) (S$3,660.8 mil) (S$3,597.3 mil)
[Overall Cost Structure]
(2012-2016)
CAGR 2012-2016
7.5%
2.9%
1.0%
3.0%
-17.2%
10.7%
-4.3%
5.2%
5.6%

14. −13−
Business Segment: Taxi

15. −14−
Revenue from taxi increased at a CAGR of 4.4% during recent five years.
Taxi Segment
Revenue and Profit
1,130 1,198
1,284 1,327 1,341
12% 12% 12% 12% 12%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
0
500
1,000
1,500
2,000
2,500
12 13 14 15 16
Total Revenue Operating Profit Margin
Total Revenue
(S$ mil)
Operating Profit
Margin (%)
[Taxi Services Performance]
(2012-2016)
CAGR 2012-2016
4.4%
(year)
Source: Annual Report 2016, Financial Presentation Slides Q3, 2016, SPEEDA
[Composition of
taxi segment revenue in 2015]
Comfort
Transportation
49%
City Cab
26%
Others
25%
75% of revenue from
Taxi Service is generated
in Singapore

16. −15−
487
528
570
622 649
12% 12%
11% 11% 11%
0.0%
5.0%
10.0%
15.0%
0
100
200
300
400
500
600
700
11 12 13 14 15
(S$ Mil)
(Year)
Revenue Operating profit margin
256
291
316
335 348
5%
6%
7%
7%
8%
0.0%
5.0%
10.0%
15.0%
0
100
200
300
400
500
600
700
11 12 13 14 15
(S$ Mil)
(Year)
Revenue Operating profit margin
Taxi Segment
Revenue and Profit Growth by geographical segments
Revenue from Singapore is supporting growth of total Taxi business.
Singapore
[Comfort]
CAGR 2.0%
[City Cab]
Source : Comfort Financial Report, City Cab Financial Report
* Another country revenue is calculated by deduction of total revenue, comfort revenue and City Cab revenue
Other countries (UK, Australia,
China, Vietnam)
311 312 327 330
0
100
200
300
400
500
600
700
12 13 14 15
Revenue
(S$ Mil)
(Year)

17. −16−
Taxi Segment
Economical impact analysis
In general, operating profit is a result from owned number of fleets and the performance on revenue per fleet and
cost per fleet.
Below show the basic equation to understand economical impact on the performance of Taxi business
Number of fleets
Revenue
(per fleet)
X
Cost
(per fleet)
＝ Operating Profit-
Performance per fleet

18. −17−
860
912 933 967 967
1,020 1,010
0
200
400
600
800
1,000
1,200
09 10 11 12 13 14 15 (Year)
('000)
Taxi Segment
Daily Taxi Ridership in Singapore
Daily taxi ridership was increasing since 2009 but dropped in 2015 due to rail network expansion and increase of
private-hire services such as Uber and Grab.
ComfortDelGro spokesman Tammy Tan said: "As the rail network expands, it is not surprising that overall
taxi ridership will dip."
Veteran cabby Tony Pang, 66, said: "It's more like a 30 per cent drop if you look at the period from last
September till now.“ Mr Pang blamed the situation on "third party apps" such as Uber and Grab. These
companies have been tying up with rental car operators and suppliers to put out thousands of private cars
catering to on-call taxi services.
- The Strait Times, 10/3/2016
Source: Land Transport Authority
[Average Daily Taxi Ridership]
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

19. −18−
Taxi Segment
Daily Taxi Ridership in Singapore : Increasing number of population and foreign visitor
The increasing number of population and foreign visitor stimulate the increase of taxi ridership as well as public
transport ridership.
*Non-resident population comprises foreigners who are working, studying or living in Singapore but not granted permanent residence, excluding tourists and short-term visitors
**BTMICE stands for business travellers and meetings, incentives, conventions and exhibition
Source: Department of Statistics Singapore
Population in Singapore is growing due to the increase number
of non-resident which consist of foreigner workers and students.
Singapore Population Number of foreign visitors
[Singapore Population]
3,201 3,231 3,257 3,285 3,314 3,343 3,375
533 541 532 533 531 528 528
1,254 1,305 1,394 1,494 1,554 1,599 1,632
4,988 5,077 5,184 5,312 5,399 5,470 5,535
0
1,000
2,000
3,000
4,000
5,000
6,000
09 10 11 12 13 14 15 (Year)
Non-Residents*
Singapore
Permanent
Residents
Singapore Citizens
('000)
International visitor has been increasing since 2009.
Number of international visitor remain stagnant in recent
years was due to the fall of business travelers.
9,683
11,642
13,171
14,496
15,56815,09515,231
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
09 10 11 12 13 14 15(Year)
('000)
[International Arrival] “The fall in tourism
receipts was largely due
to a decline in BTMICE**
visitor arrivals and
spending.”
“the fall in BTMICE visitor
arrivals and spending due
to companies cutting back
on both travel and trip
budgets has had a
significant impact on our
tourism receipts.”
- Singapore Tourism Board,
29/2/2016
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

20. −19−
Taxi Segment
Taxi Ridership in Singapore
Number of Taxi Ridership of ComfortDelGro has been increasing slightly due to its stable marketing share at 50%
while daily Taxi ridership has been increasing since 2009.
Source: Land Transport Authority
46% 45% 43% 43% 45% 44% 45%
15% 16%
15% 15% 15% 15% 15%
13% 15%
16% 16% 16% 17% 17%
10% 10% 12% 12% 12% 13% 12%
8% 8% 8% 8% 7% 7% 7%
2% 1% 1% 1% 1% 1% 1%3% 3% 3% 2%
0%
25%
50%
75%
100%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Smart
Individual Yellow-
Top
Prime
Premier
SMRT
Trans-Cab
Citycab
Comfort
(%)
[Market Share by number of fleets]
(2009-2015)
11,479 11,705 11,587 12,130 12,356 12,608 12,641
3,757 4,072 4,035
4,169 4,246 4,325 4,356
3,159
3,896 4,311
4,638 4,403
4,859 4,8422,582
2,619
3,133
3,494 3,454
3,722 3,502
2,033
2,008
2,181
2,214 2,065
2,148 1,933
724
724
709
432
0
5,000
10,000
15,000
20,000
25,000
30,000
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Smart
Individual Yellow-
Top
Prime
Premier
SMRT
Trans-Cab
Citycab
Comfort
[Number of fleets of each players]
(2009-2015)
No. Fleets
Note : As at 31 Aug 2013, Smart was no longer operating any taxi fleet due to its exit from the industry
ComfortDelGro’s Market Share
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

21. −20−
Expansion of rail network has result increase in rail ridership.
The government is making lumpy investments in the city's infrastructure. In five years, total spending has
risen 66 percent and the target is to bump that up by a further 50 percent by the end of the decade to S$30
billion ($21.8 billion), or almost 6 percent of GDP” - Bloomberg, 15/3/2016
119
130
147 149 153 154
171
29
29
29 29
29 29
29
0
50
100
150
200
250
09 10 11 12 13 14 15 (Year)
LRT
MRT
(km) [Rail length in Singapore]
Downtown Line
(Phase 2) service inDowntown Line
(Phase 1) service in
Rail length Rail ridership
Rail length increased in recent years due to the opening of
Downtown line
Average daily MRT and LRT ridership was increase by
average growth of 8.3%
1,782
2,069
2,295
2,525 2,623
2,762 2,871
90
100
111
124
132
137
152
1,872
2,169
2,406
2,649
2,755
2,899
3,023
0
500
1,000
1,500
2,000
2,500
3,000
3,500
09 10 11 12 13 14 15 (Year)
LRT
MRT
('000)
[Average daily MRT and LRT ridership]
Taxi Segment
Number of Expansion of rail network in Singapore
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

22. −21−
Increasing of ride sharing service such as Uber and Grab has given an alternative choice to taxi users, which is a
threat for taxi industry.
Source: Land Transport Authority, https://www.statista.com/outlook/368/100/ride-sharing/worldwide#takeaway
[Rental car population in Singapore]
“The growth of Singapore's
rental car population
remains in the fast lane,
fuelled by private-hire
players such as Uber and
Grab.”
- The Strait Times, 12/9/2016
Taxi Segment
Increasing of ride-sharing in Singapore
12,763 13,347 13,919 14,862
16,396
18,847
29,369
51,336
0
10,000
20,000
30,000
40,000
50,000
60,000
09 10 11 12 13 14 15 16 (Year)
(No. of fleets)
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

23. −22−
Traditional taxis in general and in London in particular show stagnation, while pre-booked private-hired vehicles
(such as Uber etc.) are registering growths.
Souce: Department for Transportation
Licensed vehicles by type and area:
England, biennial since 2005
Traditional Taxis
Private-hired Vehicles
Taxi Segment
Increasing of ride-sharing in UK
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

24. −23−
Taxi Segment
Increasing of ride-sharing in Australia
After Uber was introduced in 2012, it quickly undercuts traditional taxis in terms of market share.
Sources: GetPocketBook
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

25. −24−
Ride sharing service are estimated to be growing well in Singapore, UK, China and Australia
Source: https://www.statista.com/outlook/368/100/ride-sharing/worldwide#takeaway
Ref) Forecast on ride sharing service
[Ride Sharing Revenue and Growth Forecast]
1,173
1,576
1,977
2,344
2,662
2,922
45.3%
34.3%
25.4%
18.6%
13.6%
9.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
16 17 18 19 20 21
Revenue ($ mil) Growth
7
10
14
19
23
27
68.0%
50.9%
38.6%
29.7%
23.0%
18.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
0
5
10
15
20
25
30
16 17 18 19 20 21
Revenue ($ Billion) Growth
348
393
427
454
475 492
20.3%
12.7%
8.7%
6.3%
4.7%
3.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
100
200
300
400
500
600
16 17 18 19 20 21
Revenue ($ mil) Growth
UK
China
Australia(£ Mil)
Growth Rate
(CNY¥ Billion)
(Year)
105
119
133 146
158
16915.2%
13.3%
11.6%
9.9%
8.3%
6.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0
20
40
60
80
100
120
140
160
180
200
16 17 18 19 20 21
Revenue ($ mil) Growth
SingaporeTotal Revenue($ Mil)
(AUD$ Mil)
Estimation
Estimation
Estimation
Estimation
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

26. −25−
Number of fleets is expected to decrease due the demand of the number of Taxi Ridership tends to going down
due to major impacts from expansion of rail network and increasing of ride sharing service.
Expansion of Rail
Network
Increasing of
Ride-Sharing Service
* Not consider on competitors’ withdrawal from the market
Taxi Segment
Taxi Ridership : Negative impact
Impact to Singapore
Impact to Singapore
UK
China
Australia
Negative Impact
[Long Term Impact]
More coverage
Shift from Taxi ridership to Rail ridership
Shorten distance (Last one mile) from
the nearest station to the destination
Change in
environment
Competition
Number of Taxi Ridership is seized by ride-
sharing service providers
Change of consumer behavior.
Prefer private care instead of TAXI
Total taxi ridership is
expected to decrease in term
of both frequency and
distance
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

27. −26−
In near future, number of Taxi Ridership of ComfortDelGro may increase due to an effort to tie up with ride-
sharing service and possibility of withdrawal of some smaller competitors
CDG is seeking for chance to corporate with online private hire
services app provider.
“Karhoo plans to integrate all licensed taxi companies into
one app and has already partnered with ComfortDelGro to
integrate a fleet of 17,000 taxis.” -SPEEDA Report
Tying up with ride-sharing services
Taxi Segment
Taxi Ridership : Positive impact
[Taxi market share by fleet size in 2016]
Comfort & CityCab
61.1%
SMRT
12.4%
TRANS-cab
16.6%
Silvercab
6.9%
PRIME TAXI
2.7% Others
0.4%
Reasons
Decreasing of total number of
Taxi ridership and revenue per
fleet
Higher cost or lower benefits
compared with market leader
Some competitors possibly withdraw from the market
Some smaller competitors may withdraw from the market
“SMRT is in a talk to sell its taxi business to private-hire
operator Grab”
- Stratetime 22 April
Private Car Car Rental
UBER
Taxi
GRAB
Traditional
TAXI Calling
✓ ✓
✓ ✓ ✓
✓
12,763 13,347 13,919 14,862
16,396
18,847
29,369
51,336
0
10,000
20,000
30,000
40,000
50,000
60,000
09 10 11 12 13 14 15 16 (Year)
CDG may get Taxi calling from ride-sharing app if the partnership is
established but it is not compensate for competition with private and
rental car.
Rental car population
in Singapore
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

28. −27−
ComfortDelGro’s Taxi Ridership is expected to be stable or slightly decrease for a while due to decreasing of the
market but compensated by withdrawal from the market by smaller competitors and tying up with ride-sharing
service
As the result, ComfortDelGro may maintain the number of fleets in short term.
Taxi Segment
Taxi Ridership : Summary
Expansion of Rail Network
Increasing of
Ride-Sharing Service
Total taxi ridership is expected to
decrease in term of both
frequency and distance
CDG Taxi Ridership
Stable or slightly decrease
Market negative impact
CompensationWithdrawal from the market by
smaller competitors
Tying up with ride-sharing service
Number of fleetsLong term impact
Market possitive impact
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

29. −28−
Source : ComfortDelGro Annual Report
Revenue per fleet tends to decrease slightly due to expected lower rent fee
The switching from traditional fixed rental scheme to co-shared revenue scheme may affect revenue
performance due to the high competition from rail network and ride-sharing.
“One of the ways in which it did so was to move away from the traditional fixed rental business model to
one in which the Company co-shares revenue risk with its hirers. This was a welcome move by taxi
drivers and as at end-February 2017, over 2,200 of them have made the switch to this new rental
scheme. - Annual Report
Taxi Segment
Revenue per fleet
Revenue per fleet
Expected Trend
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

30. −29−
Source : ComfortDelGro Annual Report
Cost per fleet is expected to increase slightly from increasing of benefits to maintain drivers and marketing effort
to get more passengers.
217.7
16.2%
55.6
4.1%
683.9
51.0%
216.1
16.1%
Structure of Revenue
1340.80 S$ Mil Description
Amount (S$ Mil) and
Proportion (%)
ComfortDelGro tends to spend more on promotion, marketing
and cashless payment
Not only was the 30 millionth passenger rewarded with a
promo code worth S$300, the lucky cabby, who had picked
the passenger up, also received S$300 worth of vouchers.
CDG Taxi waived S$8 off the metered taxi fare for the first
1,000 passengers, between 3pm and 3am for seven days,
and waived the call levy fee of all bookings that its taxi
drivers accepted over two days.
ComfortDelGro Taxi, which was the first taxi operator to
accept MasterPass™, mobile phone payments such as
Apple Pay, Samsung Pay and Android Pay.
- Annual Report
167.50
12.5%
Taxi License
Depreciation
Taxi Driver Benefits
Operating Profit
The other costs
- Operation Cost
- Marketing Cost
Cost
Taxi Segment
Cost per fleet
Expected
Trend
Benefits to Taxi drivers tend to be increased in order to
persuade drivers to stay with ComfortDelGro
Slightly increase
Slightly increase
Vary by fleet type. The total amount of depreciation depends
on number of owned fleets.
There is no signal for any change.
Number of
fleets
Revenue
(per fleet)X
Cost
(per fleet) ＝
Operating
Profit-
Performance per fleet

31. −30−
Taxi Segment
Economical impact analysis : Summary
Operating Profit of Taxi business is supposed to be stable or slightly decrease in near future due to high
competitive environment from expansion of rail network in Singapore and ride-sharing service but it is
compensated by withdrawal from the market by smaller competitors and tying up with ride-sharing service.
ComfortDelGro is forced to change revenue scheme and invest more in marketing correspond to the change of
competitive environment.
Number of fleets
Revenue
(per fleet)
X
Cost
(per fleet)
= Operating Profit-
Performance per fleet

32. −31−
Ref) Worldwide Ride-Sharing Trend
Ride Sharing revenue is expected to show an annual growth rate (CAGR 2017-2021) of 21.8 % resulting in a
market volume of US$ 70,126 million in 2021.
Source : https://www.statista.com/outlook/368/100/ride-sharing/worldwide#takeaway
Ride Sharing Revenue and Growth Worldwide
(2016-2021)
Total Revenue
($ Billion)
Growth Rate
(%)
23
32
42
52
61
70
52.5%
40.7%
31.3%
24.0%
18.4%
14.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0
10
20
30
40
50
60
70
80
16 17 18 19 20 21
Revenue ($ Billion) Growth
273
338
399
453
500
540
7.0%
8.6%
10.1%
11.4%
12.4%
13.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0
100
200
300
400
500
600
700
800
900
1,000
16 17 18 19 20 21
User (Million) Penatration Rate (%)
(%)
(Mil)
Number of Users and Penetration Rate Worldwide
(2016-2021)

33. −32−
Self-Driving Car in some specific routes is supposed to be reality in 2020
Source : http://www.businessinsider.com/the-18-driverless-car-breakthroughs-2030-2016-12
2017
2018
2020
2021
2025
2030
Tesla will come with hardware to
make them fully autonomous.
Tesla will drive fully
autonomous car from LA
to NYC by end of year.
Volvo will roll out self-driving pilot program
called DriveMe in select cities where real
people will get to experience self-driving tech.
Tesla cars expected to become fully
autonomous, but capability will depend on
geographical location and regulations.
Baidu, known as the Google of
China, plans to have commercial
driverless car ready.
Ford will have about 100 self-
driving cars in its test fleet
collecting data.
Honda will produce
car that are completely
driverless on highways.
Toyota plans to have its driverless
car ready to go in 2020.
PSA Groupe to make fully
driverless car available.
Nissan claims it will have first commercially
viable fully self-driving cars available.
Volvo plans to have “deathproof”
driverless cars ready.
Estimated 10 million self-driving
cars will be on the road by 2020.
Daimler aims to have its
self-driving trucks ready.
Ford plans to launch level four , fully self-
driving cars in fleet setting . The vehicles will
have no steering wheel, brakes, or accelerators.
BMW will introduces
its self-driving cars in
China in 2021.
Most Lyft rides will be in self-
driving cars, according to Lyft.
BMW will launch a fully autonomous electric vehicle.
Hyundai aims to have its fully autonomous vehicles ready.
Ref) Self-Driving Car Timeline

34. −33−
Not only automakers but ride-sharing service providers and leading IT firms will join the self-driving car ecosystem. As
the result, transportation-as-a-service is expected to be a new type of future transportation mode
Source : http://scet.berkeley.edu/accelerating-development-self-driving-car/
Ref) Self-Driving Car Ecosystem
Automakers
Ride-Sharing
service providers
Leading IT firms
Major Players

35. −34−
In near future, self-driving technology will be implemented in some specific route as the next transportation mode
which is supposed to be one option in ride-sharing service in order to reduce manpower cost and offer
competitive fare price. Finally, the competitive environment will be transformed into transformation-as-a-service
by 2030 or earlier.
As the result, traditional Taxi service driven by human is expected to gradually fade out from the market since
2020.
Fully
Transportation-as-a-
Service
Ref) Transformation to Transportation as a service
Self-Driving Technology
in some route
2020Y 2030Y
Phase 1
Autonomous in
some specific routes
Phase 2
Fully autonomous
Human-Driving
Fare Rate
Trend
Fully
Self-Driving Technology
Fare Rate
Trend
Traditional Taxi
Ride-Sharing
Human-DrivingDriven by
Competition
Traditional Taxi
Ride-Sharing
Expected Impact
None
Gradually
fade out

36. −35−
Business Segment: Public Transport (Bus and Rail)

37. −36−
Public Transport Segment
Overview
Operating profit margin of public transport service segment remains at 8% for recent years.
44% of the revenue came from Singapore public transport operator while 34% of the revenue came from
United Kingdom bus operator.
Source: Annual Report 2016, SPEEDA
[Public Transportation Services Performance]
(2012-2016)
1,864
2,026
2,252 2,333 2,307
9% 8% 8% 8% 8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
0
500
1,000
1,500
2,000
2,500
12 13 14 15 16
Total Revenue Operating Profit Margin
(year)
SBS Transit (Sin)
44%
Metroline (UK)
34%
ComfortDelGro
Cabcharge (Aus)
15%
Others
7%
[Composition of Public Transportation Services Revenue]
(2015)
Analysis on this section will concentrate on Singapore segment which comprise the biggest proportion.

38. −37−
Public Transport Segment
Industry Economical Characteristic
Public transport industry is an industry which does not benefit from scale.
In public transport industry, profit margin is getting lower when a bus operator’s revenue grows bigger.
Source: SPEEDA
FirstGroup plc
Stagecoach Group plc
GO‐AHEAD GROUP PLC
National Express Group plc
ComfortDelGro Corporation
New Flyer Industries
Transport International Holdings
SMRT
Mie Kotsu Group
SBS Transit Ltd
SHANXI MOTOR TRANSPORTATION
GROUP
Nanjing Public Utilities Development
The Second Bus Company of Guangzhou
Shinki Bus
Kwoon Chung Bus
GRUPO SENDA AUTOTRANSPORTE
TOKYU BUS CORPORATION
Shenzhen Bus Group
SAIGON TRANSPORTATION MECHANICAL
CORPORATION(Private)
Nara Kotsu Bus Lines
HANKYU BUS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
(%)
(usd)
[Revenue and Profit Margin of the Global Major Public Transport Operators (2016)]

39. −38−
Public Transport Segment in Singapore
Overview of SBS Transit
Public bus is the main portion of public transport service segment which consist 80% of segment.
Operation profit margin is dropping in recent years.
*Revenue for other commercial services was divided to public bus transport and rail segment for FY 2014 and 2015
**Revenue for rail segment was combined into public bus transport segment for FY 2016
Source: SBS Transit financial report, SPEEDA
Rail Transit
Public Bus
Other
Commercial
Services
SBS Transit operates 2 MRT line and 2
LRT line in Singapore.
MRT: North East Line, Downtown
Line
LRT: Sengkang LRT, Punggol LRT
SBS Transit bus service area cover
whole Singapore and operates 255 bus
services with a fleet of 3,326 buses.
Contribute about 80% of the
revenue
Other commercial services includes
advertising business and rental of
commercial spaces in bus
interchanges and train stations.
Business Segment
[SBS Transit revenue by service segment]
Downtown Line
(Phase 1) service in
Downtown Line
(Phase 2) service in
697 721 751
792
847
951
1,024
1,099
9.2% 9.1%
6.4%
3.4%
1.9%
2.6% 2.5%
3.8%
0.0%
5.0%
10.0%
15.0%
0
200
400
600
800
1,000
1,200
09 10 11 12 13 14 15 16
(S$ mil)
(Year)
Revenue Operating Profit Margin

40. −39−
Ref) Products of public transport service
Source: PTC Annual Report, SBS Transit Wikipedia page
Service VehicleService Area
SBS transit service areas cover south part of Singapore
including central business district and Changi Airport.
Their Competitor SMRT buses cover north part of
Singapore.
SBS transit consists total fleet of fleet of 3,326 single deck and
double deck buses.
●
Central Business District
●
Changi Airport
Double deck (Model: Volvo B9TL)
Single deck
(Model: Scania K230UB / Mercedes-Benz Citaro )

41. −40−
Ref) SBS Transit Rail Transit Services
Source: SBS Transit Website
Service Area
SBS transit service area cover 2 MRT lines (North East Line
and Downtown line) and 2 LRT lines (Punggol LRT and
Sengkang LRT)
Service Vehicle
SBS transit service area cover 2 MRT lines (North East Line
and Downtown line) and 2 LRT lines (Punggol LRT and
Sengkang LRT)
Train used in North East Line
Train used in Sengkang LRT

42. −41−
Public Transport Segment in Singapore
Fare System
Public transport fare system was reviewed by Public Transport Council every year base on prices of commodities
and average household annual income in Singapore
Source: Public Transport Council(PTC) website
Distance-based fare
system
Fare
Review
Mechanism
Maximum
fare
adjustment
Review by
Public
Transport
Council
In year 2010, Public Transport Council(PTC) introduced distance-based fare system, where no
minimum charge required for vehicle transit and fare for bus and rail are unified based on distance.
Under Distance Fares, adult card fares will generally be flat for the first 3.2 km followed by 1 km
fare bands up to 40.2 km.
Public transport fare is reviewed every year, where the price-cap of adjustment is set base on formula
below.
While the fare adjustment formula determines the maximum fare adjustment in a given year, PTC
retains the final decision on fare adjustment based on economic conditions and affordability of public
transport fares.
PTC do also receive proposal from operators on fare adjustment.
PTC uses the operators’ Return-on-Assets (ROA) values as a reality check in the annual fare review
exercise to ensure that the operators are not making excessive profits when compared to the returns
of other industries with similar risk profiles.
Comparison is made with the ROA of companies such as Hong Kong’s Transport International
Holdings (KMB) and MTR, London’s Stagecoach Group, Singapore’s SembCorp Industries and
Singapore Post.
Maximum Fare Adjustment = Price Index – Productivity Extraction
0.4 core Consumer Price Index + 0.4
Wage Index + 0.2 Energy Index
50% of the PTOs’ average productivity gains
(0.5% for 2013~2017)

43. −42−
2.8%
6.6%
-0.6% -1.9%
-5.7%
1.0%
3.2%
2.8%
-1.9%
-5.2%
▲ 8%
▲ 6%
▲ 4%
▲ 2%
0%
2%
4%
6%
8%
11 12&13 14 15 16
(Year)
Allowed Fare Cap Actually Fare Change Granted
Public Transport Segment in Singapore
Fare System
Despite PTC accept proposal from operators for fare adjustment, but actual fare change granted is always lower
than allowed fare cap which results drop in SBS transit’s operating profit margin
Therefore, bargaining power with authority is an important issue to assure public transportation operator in
profitability
[Comparison between allowed fare cap
and actual fare change granted]
9.2% 9.1%
6.4%
3.4%
1.9%
2.6% 2.5%
3.8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
09 10 11 12 13 14 15 16 (FY)
Operating Profit Margin
[SBS transit operating profit margin]

44. −43−
Public Transport Segment in Singapore
Bus service: Bus Contracting Model (BCM)
However, the operating environment of bus industry due the introduction of bus contracting model (BCM).
Rail service remains the same fare structure as before.
Source: Land Transport Guru
Background
Tenders’
Result
Government introduced BCM after bus service operating licenses for SBS Transit & SMRT expire on Aug 2016.
Land Transport Authority(LTA) to own all bus assets while bus operations open for tender.
Out of 14 bus packages, 3 packages were opened for tender, while the rest were rewarded to existing
operators avoid disorder in the transition
As a result, SBS Transit missed 30 routes in the change of bus contracting model..
Tower Transit(UK) won Bulim Bus Package where 17 out of 26 routes was operated by SBS Transit.
Go-Ahead(UK) won Loyang bus package where 24 out of 25 routes was operated by SBS Transit.
However, SBS Transit won the Seletar bus package where 13 out of 24 routes were formerly operated by
SBS Transit, and 11 routes operated by SMRT Buses.
The remaining bus packages rewarded to existing operator will last for 2~10years before put up for tenders.

45. −44−
Public Transport Segment in Singapore
Bus service: Tender Results for BCM
Base on recent trend where bus packages awarded to lowest price bidder, we can see that it is difficult to make
differentiation among bus operators and price competition is getting intense.
Source: LTA
[Result for Package 2]
Bidder
Bidding Price for 5
Years (S$ Mil)
Busways Group (AUS) 631
RATP Dev Transdev Asia (FR) 604
SMRT Buses (SIN) 598
Tian San Shipping (SIN) and Kumho Construction
and Engineering (S.Korea)
570
SBS Transit (SIN) 546
Keolis SA (FR) 535
Woodlands Transport (SIN) 533
Go Ahead Group (UK) 498
Travel GSH Pte Ltd (SIN) & Qingdao Jiaoyun Group
(CHN)
N/A
Kok Tong Transport and Engineering Works (SIN) &
Jinan Public Transportation Corp (CHN)
N/A
Bidder
Bidding Price for 5
Years (S$ Mil)
Woodlands Transport (SIN) 583
Busways Group (AUS) 581
Go Ahead Group (UK) 576
Travel GSH Pte Ltd (SIN) & Qingdao Jiaoyun Group
(CHN)
547
Tian San Shipping (SIN) and Kumho Construction and
Engineering (S.Korea)
538
National Express Group Plc 537
Keolis SA (FR) 535
SMRT Buses (SIN) 514
SBS Transit (SIN) 480
[Result for Package 3]
Bidder
Bidding Price for
1 Year (S$ Mil)
Go Ahead Group (UK) 154
Woodlands Transport (SIN) 146
RATP Dev Transdev Asia (FR) 141
Keolis SA (FR) 132
Busways Group (AUS) 128
Tower Transit (UK) 126
SBS Transit (SIN) 125
SMRT Buses (SIN) 94
Travel GSH Pte Ltd (SIN) & Qingdao Jiaoyun Group
(CHN)
N/A
Jinan Public Transportation Corp (CHN) N/A
Aedge Holdings Pte Ltd (SIN) N/A
[Result for Package 1]
“Tower Transit, which had the highest combined
total score for quality and price, was awarded the
contract.” -LTA

46. −45−
Ref) New bus operators in Singapore
2 bus operators entry to Singapore bus industry under bus contracting model in 2016.
Both bus operators are subsidiary of UK’s bus operators.
Source: Tower Transit Singapore website, Go-Ahead Singapore website
Go-Ahead SingaporeTower Transit Singapore
A subsidiary of London bus operator Transit Systems which
founded in 2016.
This company run 26 bus services from Bukit Batok, Jurong
East and Clementi bus interchanges with a fleet of close to
370 buses.
A subsidiary of the Go-Ahead Group, a provider of passenger
transport in the UK, founded in 2016.
Currently operate 26 services and are based at Loyang Bus
Depot, serving Punggol Bus Interchange and Pasir Ris Bus
Interchange.

47. −46−
Staff Cost
55%
Repairs and
maintenance
costs
12%
Fuel and
electricity costs
12%
Premises Costs
5%
Depreciation
expense
8%
Other Operating
costs
8%
Public Transport Segment in Singapore
Bus service: Transformation of cost structure
Under the new bus contracting model, bus operator doesn’t not require effort on improving premises cost, but
staff productivity will be the key factor for competitiveness, because staff cost will consist the higher composition.
However, the risk on increase of fuel cost will still remain as an issue that may give impact to SBS Transit’s
profitability.
Source: SBS Transit annual report, Go-Ahead annual report
[Go-ahead Group Operating Cost Composition][SBS Transit Operating Cost Composition (2016)]
London city has implement bus contracting
model since 1990’s and Go-ahead is the top
share bus operator in London.

48. −47−
1,782
2,069 2,295 2,525 2,623 2,762 2,871
90
100
111
124 132
137 152
3,047
3,199
3,385
3,481
3,601
3,751
3,891
4,919
5,368
5,791
6,130
6,356
6,650
6,914
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
09 10 11 12 13 14 15 (Year)
Bus
LRT
MRT
('000)
Public Transport Segment in Singapore
Rail service: Daily Public Transport Ridership in Singapore
The growth of average daily public transport ridership was due to population growth, prohibitive car price, and
government effort on enhancing bus and MRT service.
“The public transport ridership growth has come on the back of a growing population and more prohibitive
car prices.”
“The chairman of the Government Parliamentary Committee for Transport, Mr Sitoh Yih Pin, said: "I'm not
surprised by the increase. I think it's quite apparent that there's been an increase in supply of buses and
trains."”
- The Strait Times, 10/3/2016
Source: Land Transport Authority
[Average Daily Public Transport Ridership]

49. −48−
Public Transport Segment in Singapore
Rail service: Future plans for rail services
Openning of Downtown line stage in 2017 is expected to fill the lost of operations in bus services.
Source; Wikipedia “Mass Rapid Transit (Singapore)”

50. −49−
Public Transport Service
Summary
Bus
Rail
Ridership on rail service is increasing which
result the growth on rail segment.
The opening of downtown line makes the rail
segment plays the more important roles in public
transport service portfolio.
Negotiation power on fare is still a key factor for
this segment.
Effort on attracting more passenger is the key
factor of the growth in the future.
Good performance and bidding power is required
for future expansion in new building lines.
Decrease on revenue in 2017 is expected due to
the lost of 30 bus routes that opened for tender.
There will no package out for tender within
2years, therefore, for short term wise stable
performance could be expected from bus
segment.
Staff productivity is the key factor of the
competitiveness under the new Bus Contracting
Model.
Staff cost reduction is required in order to keep
the competitive bidding price against competitor.
Current Future
Public transport service segment is expected to stay stagnant where the lost of bus routes will be covered by the
increase of ridership in rail segment.

51. −50−
Overview of M&A Activities

52. −51−
Operating Profit Contribution
ComfortDelGro’s vast contribution of operating profit comes from the Singapore business.
Sources: SPEEDA
[Operating Profit by Country]
222 218 227 245
275
48 63
89
92
8196 95
72
63
5745
49
52 49
472
1
1 2
2
412
426
442 451
462
0
100
200
300
400
500
600
12 13 14 15 16
(Year)
Vietnam + Malaysia China Australia UK / Ireland Singapore
(S$ mil)

53. −52−
Size of Investing Activities
The bulk of cash flow from operating activities are paid out in the form of investments.
Sources: SPEEDA
[Cash flow from operating and investing activities]
687 698 735
600
703
-510 -532 -485
-372 -371
▲ 600
▲ 400
▲ 200
0
200
400
600
800
12 13 14 15 16 (Year)
Cash flow from investing activities Cash flow from operating activities
(S$ mil)

54. −53−
History of M&A Activities
The bulk of ComfortDelGro’s expansions overseas comes from acquisitions and joint ventures with existing
players.
Sources: SPEEDA, CDG’s website
ComfortDelGro’s Notable Overseas Deals
Deal above 100mil SGD

55. −54−
Comparison on ComfortDelGro and SMRT financial result
Both ComfortDelGro and SMRT Singapore business shows uncertainty due to the possibility of changes in
regulations, while ComfortDelGro place a hope on oversea business through investment activities.
Source: Annual Report
ComfortDelGro SMRT
895
970
1,057
1,119
1,164
1,236
1,297
24%
20%
14%
10%
7%
10%
11%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
200
400
600
800
1,000
1,200
1,400
10 11 12 13 14 15 16
(S$ mil)
(Year)
Revenue Operating Profit Margin
3,207
3,411
3,545
3,748
4,051 4,112 4,060
12.3% 11.7% 11.6% 11.3% 10.9% 11.0% 11.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
10 11 12 13 14 15 16
(S$ mil)
(Year)
Revenue Operating Profit Margin
[ComfortDelGro Revenue and Operating Profit Margin] [SMRT Revenue and Operating Profit Margin]
“As fare adjustments have not kept pace with rising operating costs over
the years, the current rail operating landscape continues to be
challenging. The Group is expected to incur higher operating expenses
attributable to the intensive maintenance and renewal programmes of the
ageing network in addition to running an enlarged train fleet as well as
commencement of the Tuas West Extension in FY2017.” - Annual Report
ComfortDelGro has maintain at a certain level for recent
years, while overseas business will be the key for
company’s future growth.
SMRT is expected to bear the pressure from the increasing
of maintenance expenses on ageing network and enlarged
train fleet.
“In Singapore, we will closely monitor new regulations that may emerge
following the release of the Report by the CFE.”
“Our efforts to continue our overseas investments may need to be
intensified. A new strategy may need to evolve in light of new changes
and challenges.” - Annual Report 2016

56. −55−
Introduction of CDI and Sample of Our “CDI Insight Report”
Corporate Directions, Inc.

57. −56−
Basic Information of CDI (Corporate Directions, Inc.)
CDI is the only independent strategic management consulting firm based in Japan
Founded in 1986 by ten consultants of the Boston Consulting Group (BCG) Tokyo office who spun off for
providing the “real change to Japanese companies”
Capital : 96 million yen
No. of employees : 70
Clients : approximately 700 (mostly listed companies)
CDI is committed to helping its clients manage business in Asia through its global network of its branches and
local partners.
Branches in Operation
Branches in Preparation
ShanghaiShanghai
BangkokBangkok
Ho Chi Minh CityHo Chi Minh City
JakartaJakarta
Corporate strategy
Organizational reform
Regional synergies
Regional/country
growth strategy
TokyoTokyo
SingaporeSingapore
Kuala LumpurKuala Lumpur

58. −57−
Our Concept and Value Proposition
CDI is a "GUILD" consisted of 'consulting craftspeople' specialized in solving our client's unique management
issues and providing a hands-on, order-made solution, which ultimately helps our client overcome their issues.
Our "SERVICE" (consultancy) is not to provide a ready-made package (i.e. pre-existing solution or methodology /
know-how) as a product of the so-called "consulting industry", nor is it to outsource specified parts of our work or
operation elsewhere.
The ultimate role of a management consultant is to support a client company to find the best way without having
groundless assumptions or self-righteousness and make a concrete step forward.
To accomplish the above mission faithfully and clearly, a consultant should:
Know every essential fact about the client company with absolute clarity, such as the company culture, its
history, employees' motivation which can describe their 'corporate personality',
Understand the client company's product, service, their market and their customers
Furthermore, by carefully collecting and analyzing the facts about competing companies and the realities of
market competition, a consultant will be able to embody the true situation which the client company is facing.
And this is, the starting point of our SERVICE.

59. −58−
Our Capability and What We Can Offer You
As a professional in view of business and profit structure, CDI can provide insight on the “Structural Profitability”
of your investment candidate and the industry to which that company belongs.
We CDI is
Rather than filling the information gap or giving inaccurate/made-for-
answer numbers, we CDI is a pro of drawing insights on the profit structure
working behind a company or industry.
Our Offerings (1)
Enterprise Insight Analysis
Our Offerings (2)
Industry Insight Analysis
We can offer you a brief but in-depth insight analysis report about your
investment candidate companies.
Normal package is for 3 weeks with 2 reports (interim/final)
We can offer you an industry version of above insight analysis report which
can help to build your mid-long term investment portfolio strategy.
We can offer customized package for this report

60. −59−
Do not copy nor disclose any part of this document without permission.
Disclaimer
Information in this presentation, including forecast and financial
information, should not be considered as advice or a recommendation to
investors or potential investors in relation to holding, purchasing or
selling securities or other financial products or instruments and does not
take into account your particular investment objectives, financial situation
or needs.
Corporate Directions, Inc. (CDI-Singapore)
37/f Singapore Land Tower,
50 Raffles Place, Singapore 048623
Tel ： +65-6829-7033 (Singapore)
+81-3-5783-4640 (Japan)
URL ： http://www.cdiasiabusiness.com/en/