ComfortDelgro (CDG) has fallen from the high of $3.20 in June 2015 to $1.955 in September 2017. This is despite net profit increasing from $284M (2014), to $302M (2015) and $317M (2017) and dividends increasing from 8.25c (2014) to 9c (2015) to 10.3c (2016). Despite the entrance of Uber and Grab in 2013, revenue from the taxi segment has managed to increase from $1,284M (2014) to $1,327M (2015) to $1,341 (2016). In fact, the number of taxis under CDG actually increased between 2014 to 2016 and peaked at 17,143 in April 2016. Since 2017, we are starting to see actual profit decline from the taxi business. There were 16,976 taxis in January 2016, the number of taxis under CDG has declined to 15,556 in June 2017. In September 2017, Grab and Uber launched aggressive promo to attract more drivers from CDG by offer attractive rental discounts of up to almost 50%. So we can expect the number of taxis under CDG to further decline. CDG's taxi revenue is derived mostly from rent...