SINGAPORE POST LIMITED
S08.SI
Singapore Post - Results In Line; Broad Themes Of Strategic Review Revealed
- Singapore Post (SingPost) registered a 10.2% YoY rise in revenue to S$354.7m but saw a 9.5% fall in net profit to S$28.5m in 2QFY18, such that 1HFY18 net profit accounted for 49% of our full year estimates, in line with expectations.
- Underlying net profit rose 1.9% YoY to S$27.6m in the quarter, and was up 2.4% QoQ.
- In terms of operating profit, postal was still the main contributor at S$35.1m in 2QFY18, followed by S$1.1m from property & others. Logistics saw a S$4.2m operating loss while eCommerce had a S$2.9m loss as well.
- The group has mentioned a few broad themes for its strategic review, including “winning in the home market”, “delivering full value from overseas investments”, “igniting future growth engines” and “driving cost leadership”.
- Pending more details from an analyst briefing, we maintain our HOLD but put our fair value estimate of S$1.22 under review.
See the press release statement and result presentation slides @ Singapore Post Company Announcements
Low Pei Han
OCBC Investment
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http://www.ocbcresearch.com/
2017-11-15
OCBC Investment
SGX Stock
Analyst Report
1.220
Same
1.220
