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SingPost downgraded to 'hold' on longer turnaround time for US ops

Samantha Chiew
Samantha Chiew8/6/2018 12:12 PM GMT+08  • 3 min read
SingPost downgraded to 'hold' on longer turnaround time for US ops
SINGAPORE (Aug 6): DBS is downgrading its recommendation on Singapore Post (SingPost) to “hold” from “buy” with a lowered target price of $1.28.
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SINGAPORE (Aug 6): DBS is downgrading its recommendation on Singapore Post (SingPost) to “hold” from “buy” with a lowered target price of $1.28.

This came on the back of the group reporting that its 1Q18/19 earnings have dropped by 40.4% to $18.7 million from $31.4 million a year ago, due to an exceptional fair value loss on warrants from an associated company as well as higher tax expenses.

Revenue for 1Q18 was 3.3% higher at $372.3 million, compared to the restated 1Q17/18 revenue of $360.5 million, driven mainly by a 67.1 % increase in operating profit under the Property segment due to rental income from the SingPost Centre retail mall as committed occupancy improved.

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