Comfort Delgro back to $1.25, heading lower?

 Comfort Delgro reported its 3Q2022 results and it appears that the market didn't like it and the price went down to $1.25. I bought some more at $1.25 as I feel that valuations are undemanding at this level and that fair value is around $1.50. There is of course a risk that it may drop further but I don't think CDG share prices are that volatile. Happy to continue to add more if it drops further.

The damage to CDG's bottom line is not the really the "business" as revenue is slowly recovering, but the increased operating costs,  presumably due to inflationary pressures Nevertheless, CDG remains a company that is actually making a profit (compared to Grab for example) and the free cash flow is decent.

Edit: Straits Times Reported today that from 2024, it will be mandatory for Grab to pay CPF for riders aged 30 years and below, and the object is to get everyone to "operate on a level playing field." The ST seems to imply that making age under 30 mandatory is only a start:

The new CPF policy has also caused some disgruntlement among major platform companies here, who believe the exemption of street-hail taxi drivers from the CPF scheme might give taxi companies an unfair cost advantage.

Grab, particularly, said in a statement that street-hail taxi and third-party logistics companies should also be included as they similarly engage gig workers.

Gig workers in Singapore to get basic protection including insurance and CPF from as early as 2024 | The Straits Times