Equity Analysis /
Singapore

SG : Singapore Post Ltd - Recovery on track

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

    CGS-CIMB
    17 May 2022
    Published by

    Underlying net profit recovered in 2HFY22 to S$43.9m (+17.4% hoh, +53.1% yoy), in line with our expectations but above Bloomberg consensus. Logistics segment should see further growth in FY23F with full-year consolidation of FMH and SPOST’s continued investments in Australia. International post and parcel business should also recover well as flight capacity out of Changi Airport recovers. Reiterate Add and TP of S$0.90.