SINGAPORE (Aug 7): Maybank Kim Eng is putting national postal provider SingPost on “hold” as new Group CEO Paul Coutts and the leadership team review and update the group’s strategy and deliver a performance improvement roadmap over the next few months.
Management highlighted that this will distinguish the core and non-core segments and identify additional investments needed for the group.
In 1Q18, SingPosts’s core earnings missed Maybank’s forecast by about 10% as the operating profit of postal segment fell 14% y-o-0y due to falling domestic mail volume.