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(SG) Singapore Post: Reap 3.5% yield till it takes off (BUY)




DBS Bank


06 Aug 2014





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Singapore Post Reap 3.5% yield till it takes off Net profit of S$39.2m (+5% y-o-y) was in line; excluding one-off gains, net profit would have been stable at S$36.2m. Interim dividend of 1.25 Scts was in line. Net profit was impacted by S$4m developmental costs for e-commerce and also a temporary increase in labour costs till sorting machine is upgraded by the end of 2014. Alibaba did not contribute much but discussions are underway as SPOST is hot on the heels of this opportunity BUY with S$2.00 TP based on DCF (WACC 6.3%, terminal growth 2%). Three key medium term catalysts are in place

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