SINGAPORE (Oct 4): OCBC Investment Research is keeping its “buy” recommendation on ComfortDelGro but cutting its fair value estimate to $3.10 from $3.21 previously, amid the rapid expansion of private hire car service providers.

As at end-Aug, Singapore’s rental car population surged 48.0% y-o-y to 43,462 vehicles, compared to end-Dec 2015.

This is driven mainly by private hire car service providers such as Grab and Uber, says OCBC lead analyst Eugene Chua in a Tuesday report.

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