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
- further domestic e-commerce volume growth, and
- 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 @ https://www.itradecimb.com.sg/.
ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-03 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.