DBS Group Research remains upbeat on ComfortDelGro , on expectations that it is enjoying a growing contribution from its overseas businesses. Despite the overseas acquisition that have sent its balance sheet into net debt, CDG has kept its FY2024 dividend payout ratio at 80%. 

DBS notes that CDG's overseas businesses contributed 35% of its total operating profit in FY2024, up from just 26% in the preceding FY2023. 

With recent acquisitions such as A2B, CMAC and Addison Lee, coupled with new addition bus contracts in the UK, along with contracts renewal at better margins other UK buses, these are expected to drive growth for the group going into FY2025.