Singapore Post - CGS-CIMB Research 2023-11-03: Earnings At An Inflection Point

Singapore Post - Earnings At An Inflection Point

Published:
SingPost (SGX:S08) | SGinvestors.ioSingPost (SGX:S08)
  • Singapore Post (SingPost, SGX:S08) 1HFY24 (Apr to Sep 2023) core PATMI of S$13m (+2% y-o-y) was below expectations, at 31% of our FY24F forecast. The key disappointment was negative translation impact from a weaker A$ and RMB against S$; on a constant currency basis, underlying PATMI grew by 52% y-o-y.
  • - Read this at SGinvestors.io -

Australia business to be boosted by inorganic growth in 2HFY24F

  • On 1 Nov, SingPost announced:
    1. the proposed acquisition of Border Express, and
    2. further stake increase in its Australian subsidiary FMH (from 88% to 100% — total consideration of ~A$290m would be funded by a mix of cash and borrowings).
  • - Read this at SGinvestors.io -
  • SingPost believes the acquisition of Border Express can help it widen its reach and broaden service offerings in Australia, and expects revenue synergies via cross-selling to grow wallet share of its customer base.

Earnings inflection for the Post and Parcel segment

  • Read more at SGinvestors.io.




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 2023-11-03



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

Price targets by 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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