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

Singapore Post - 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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  • Meanwhile, logistics segment grew from strength to strength, with continued efforts by SingPost to scale its Australian business (42% of 1HFY23 revenue) and is now SingPost’s largest revenue and profit contributor.
  • Easing freight rates is both a boon and a bane.
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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 @

    ONG Khang Chuen CFA CGS-CIMB Research | 2022-11-03

    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.

    Price targets by 3 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

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