Highlights

SGX Stocks and Warrants

Author: kimeng   |   Latest post: Thu, 7 Nov 2019, 5:40 PM

 

Singapore Post: Impairments Made; US Operating Losses to Continue Till Exit

Author:   |    Publish date:


Singapore Post (SingPost) saw a 2.1% YoY fall in revenue and a S$75.1m net loss in 4QFY19, bringing full year net profit to S$19.0m. Excluding exceptional items such as a S$100.4m impairment of goodwill, intangible assets and PPE, underlying net profit in 4QFY19 was S$14.5m, or 6.1% YoY lower. This would bring full year underlying net profit to S$100.1m, which was 5.8% lower compared to FY18.

As mentioned in our 1 Feb 2019 report, there are risks of impairments to the US businesses. Do note that besides the impairments that have been made, the group expects to continue to account for operating losses of the US businesses until it completes an exit.

A final dividend of S$0.02/share has been declared, same as last year.

Pending an analyst briefing, we maintain our HOLD rating but put our fair value estimate of S$1.00 under review.

Source: OCBC Research - 7 May 2019

Share this
Labels: SingPost

Related Stocks

Chart Stock Name Last Change Volume 
SingPost 0.935 -0.005 (0.53%) 645 

  Be the first to like this.
 


 

139  88  152  724 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 Golden Agri-Res 0.25+0.02 
 Rex Intl 0.191-0.008 
 Tritech 0.028+0.008 
 United Engineers 2.70+0.05 
 MarcoPolo Marine 0.0220.00 
 Spackman 0.016+0.001 
 Jiutian Chemical 0.017+0.002 
 GSS Energy 0.106+0.003 
 Ley Choon 0.019+0.003 
 Alpha Energy 0.0360.00 
Partners & Brokers