Singapore Post - OCBC Investment 2023-08-18: Awaiting A Bend In The Road

Singapore Post - Awaiting A Bend In The Road

SingPost (SGX:S08) | SGinvestors.ioSingPost (SGX:S08)
  • In its 1QFY24 business update, Singapore Post (SingPost, SGX:S08) reported a 15% y-o-y decline in group revenue to S$404.1m, largely due to normalising sea freight rates post-pandemic, as well as the impact of foreign currency translation (primarily driven by the depreciation of AUD and CNY against S$).
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A tale of two cities

  • SingPost (SGX:S08)’s International Post & Parcel (IPP) business reported a y-o-y decline in revenue, largely due to the depreciation of the CNY, even as a shift in product mix towards more commercial solutions has helped to stabilise cross-border volumes.
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  • Management shared that China remains a key market, and the overall growth trajectory continues to be positive even though the pace might have moderated with some softness in the economy.
  • Meanwhile, the Domestic Post & Parcel (DPP) business continues to struggle with declining revenues, with the volume of letters & printed papers and eCommerce deliveries down 5.3% y-o-y. Together with high operating overheads, largely from operating the local post office network, the segment remained in an operating loss position in 1QFY24.

Logistics remains a bright spot

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

Ada Lim OCBC Investment Research | 2023-08-18

Previous report by OCBC:
2023-05-15 Singapore Post - A Weak Ending To FY23.

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


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