SingPost

SingPost: Net profit fell 5.1% in 3QFY13, with revenues surging 14.5%, with growth driven by e-commerce activities across all business segments and contributions from Novation Solutions which was acquired in May 2012. Expenses increased due to inflation in wages and labour-related expenses. SingPost declared an interim dividend of 1.25¢, bringing 9M13 dividends paid 3.75¢. SingPost has a dividend yield of 5.2% for FY12. SingPost has been making a list of acquisitions in recent months, mostly for mail and total logistics solution providers, spanning across the Asia region. In a bid of its transformation, the logistics business is expected to be a key driver going forward. Due to current 17.2x PER valuation,Maybank KE has a HOLD rating with a TP of $1.21.