UOBKayhian on 7 Nov 2014
FY14F PE (x): 26.9
FY15F PE (x): 25.1
1H results within expectations. Excluding exceptional items such as forex gains, HFY15
net profit of S$73.7m (+0.3% yoy) was in line, accounting for 48% of our full-year
estimate. Net profit was flat as 1HFY15 EBIT margin remained at 22.3% (1HFY14:
22.8%).
Still a HOLD but a higher target price. We raise our target price to S$2.02 to factor in a
higher second-stage DCF growth from 5% to 6.5%. This reflects a stronger mid-term
growth as SingPost builds on its e-commerce capabilities and capacity. We see
potential for further earnings and target price upgrades upon more clarity on its potential
JV with Alibaba.
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