Broker: OCBC Investment Research
Date of Report: 10 November 2025
Excerpt from OCBC Investment Research report.
Report Summary
- Singapore Post (SPOST) reported a steep decline in 1HFY26 underlying net profit, down 78% year-on-year, missing expectations. The company announced a much lower interim dividend and is recalibrating its strategy under new leadership to achieve commercial viability.
- SPOST is focusing on organic growth and cost rationalisation after divesting its Australia business, but faces ongoing revenue challenges due to declining mail volumes and competitive pressures. The fair value estimate was revised slightly down to SGD0.43, with a HOLD rating maintained.
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