SINGAPORE (May 9): Singapore Post could take a one-off impairment charge on its TradeGlobal e-commerce logistics business, says UOB KayHian.

Ongoing losses at TradeGlobal may prompt the company to take an impairment charge at its fourth quarter results, clearing the slate for new CEO Paul Coutts who will start in the top job on June 1, says the broker.

This was exactly what Japan Post did when it took a one-off impairment charge on its troubled Toll business, having acquired the Australian logistics business in 2015 for A$6.5 billion ($6.7 billion).

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