Singapore Post - UOB Kay Hian 2024-08-19: Strong 1QFY25, On Track To Deliver Robust Profit Growth In FY25

• SingPost reported higher 1QFY25 overall revenue (+22.4% y-o-y) and operating profit (+105.2% y-o-y), driven by higher contributions from Singapore and Australia but offset by the international and freight forwarding businesses.
  • - Read this at SGinvestors.io -
  • Australia saw organic growth and the full quarterly consolidation of Border Express.
• In view of the improving fundamentals, we maintain BUY rating on SingPost.

Strong 1QFY25 results, in line with expectations.

• For 1QFY25, Singapore Post (SingPost, SGX:S08) reported higher overall 1QFY25 revenue of S$494.8m (+22.4% y-o-y) and operating profit of S$24.4m (+105.2% y-o-y), forming 25% and 20% of our full-year forecasts respectively.
• - Read this at SGinvestors.io -
• Also, it was noted that the revenue growth was driven by the Australia and Singapore businesses, offset by the international and freight forwarding businesses.

Better operating margins.

• Read more at SGinvestors.io.

Llelleythan Tan UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-08-19 SGinvestors.io

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