To recap, SingPost recently announced 15.6% higher earnings of $50.2 million for 3Q19 due to higher revenue and an exceptional gain of $28.2 million.
SINGAPORE (Feb 4): CGS-CIMB Securities is maintaining its “hold” call on Singapore Post (SingPost) while lowering its target price to $1.03 from $1.12 previously, which now implies 19.7 times FY20F P/E.
This comes after factoring in better cost management in FY19F; more conservative growth assumptions for FY20-21F; and an updated share base post the release of the group’s latest set of quarterly results.
