- SingPost (SGX:S08)'s 1HFY26 revenue continued to decline, by 27.4% y-o-y to S$188.4m. However, core PATMI returned to profitability to S$5.5m after cost rationalising.
- We revise our earnings for FY25E and 26E by +44.2%/64.9% However, we think it’s not easy and will take a long time to fix the structural decline in its core business as well as the intense competition within the last-mile delivery space.
Appoints new CEO.
- - Read this at SGinvestors.io -
- A new CEO has been appointed, Mike Chong, the former CCO of Singtel (SGX:Z74), to turn around Singpost and charter its next leg of growth. However, it’s still finalising its new strategy, which could potentially be set in the next 2-3 months.
Monetisation phase mostly over.
- - Read this at SGinvestors.io -
- We believe management will focus next on how to increase its revenue stream and streamline costs to increase profitability.
Still a long way to go.
- Read more at SGinvestors.io.
