Singapore Post - CGS-CIMB Research 2021-11-03: Light At The End Of Tunnel

Singapore Post - Light At The End Of Tunnel

  • SingPost (SGX:S08) announced a solid set of 2QFY3/22 results; 2Q EBIT was S$30m (+43% q-o-q, +67% y-o-y). Logistics segment was the bright spot driving growth.
  • Post and Parcel segment could see margin recovery in coming quarters with
    1. further domestic e-commerce volume growth, and
    2. border reopening.
  • Reiterate ADD call on SingPost with a higher target price of S$0.90. Current SingPost valuation is undemanding at 1.1 standard deviation below mean, backed by S$166m net cash and S$1bn investment properties.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | 2021-11-03

Read also CGS-CIMB's most recent report:
2023-01-11 Singapore Post - Raising Stake In Australia Subsidiary Freight Management Holdings.

Previous report by CGS-CIMB:
2022-11-03 Singapore Post - A Tale Of Two Halves In 1HFY23.

Price targets by 2 other brokers at SingPost Target Prices.
Listing of research reports at SingPost Analyst Reports.

Relevant links:
SingPost Share Price History,
SingPost Announcements,
SingPost Dividends & Corporate Actions,
SingPost News Articles

SGX Stock / REIT Search


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