“So far, the structural decline in its core mail segment has yet to be offset by its e-commerce logistics endeavours, where material losses at TradeGlobal have further clouded the group’s outlook,” says UOB lead analyst Thai Wei Ying.
SINGAPORE (May 15): UOB Kay Hian is keeping its “hold” recommendation on Singapore Post after the national postal service provider saw underlying net profit came in below expectations, falling 25% from a year ago.
In addition, the brokerage is lowering its target price to $1.37, from $1.46 previously, with a recommended entry price of $1.25.
