Singapore Post - CGS-CIMB Research 2022-11-03: A Tale Of Two Halves In 1HFY23

• Despite strong revenue growth in 1HFY23 (Apr to Sep 2022) to S$959m (+31% y-o-y), SingPost (SGX:S08) reported a net loss of S$10m. Excluding exceptional items, SingPost's core EBIT fell 19% y-o-y to S$42m in 1HFY23, while core net profit fell 65% y-o-y to S$13m, making up 21%/25% of our/Bloomberg consensus’ FY23F. We deem the results as broadly in line, as we expect a better 2HFY23F.
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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/.

Read also CGS-CIMB's most recent report:
2024-02-08 Singapore Post - Navigating Industry Headwinds.

Previous report by CGS-CIMB:
2023-11-03 Singapore Post - Earnings At An Inflection Point.

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