CGS-CIMB analyst Ngoh Yi Sin has downgraded her call on Singapore Post (SingPost) to “hold” from “add”, as the company’s earnings for the 1HFY2020/2021, at $30.9 million, down 42.1% y-o-y, came in lower than the full-year forecasts made by the brokerage and consensus.

See: SingPost posts 42.1% lower 1H earnings of $30.9 mil on lower profit on operating activities

“Despite the 9.6% y-o-y increase in topline on the back of higher international mail and ecommerce logistics revenue, its 40.0% y-o-y profitability decline stemmed from higher international conveyance and freight costs as a result of Covid-19 disruption,” notes Ngoh.

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