Positive Outlook for ComfortDelGro Driven by Overseas Expansion and Strategic AcquisitionsWe maintain our Add rating with a TP of S$1.70, based on 16x FY26F P/E (0.5 s.d. above its 5-year average), on the back of its decent 5%-6% yield, solid UK contributions, and global tender opportunities. Re-rating catalysts: stronger UK earnings and major contract wins. Key downside risks: acquisition integration challenges and margin pressures.