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2011 Jan 31 - OCBC - Singapore Post
2011 Jan 31 - OCBC - Singapore Post
2011 Jan 31 - OCBC - Singapore Post
SINGAPORE Company
Company Update
Update Results MITA
MITANo.
No. 010/06/2009
010/06/2010
31 January 2011
Maintain Singapore Post Ltd
HOLD Steady 3QFY11 results
Previous Rating: HOLD
May-09
May-10
Jan-08
Sep-08
Jan-09
Sep-09
Jan-10
Sep-10
Revenue 481.1 525.5 561.1 578.4 Cash and cash equivalents 139.5 390.2 409.8 464.4
Operating expenses -309.5 -352.9 -377.1 -393.3 Other current assets 75.7 94.9 101.7 104.8
EBITDA 205.0 213.0 225.5 228.5 Property, plant, and equipment 457.3 450.3 443.9 434.4
EBIT 178.6 183.2 199.2 202.9 Total assets 770.2 1,074.9 1,104.9 1,144.1
Net interest expense -7.2 -7.5 -11.8 -11.4 Debt 303.0 503.0 503.0 503.0
Associates 7.8 1.0 0.2 1.0 Current liabilities excluding debt 194.4 241.2 230.6 236.7
Pre-tax profit 179.1 194.8 195.7 200.6 Total liabilities 514.0 776.4 760.4 762.1
Tax -29.6 -29.0 -29.2 -28.1 Shareholders equity 251.4 292.9 338.4 375.4
Minority interests -0.7 -0.8 -0.5 -0.5 Total equity 256.2 298.5 344.5 382.0
Net profit att to shareholders 148.8 165.0 166.0 172.0 Total equity and liabilities 770.2 1,074.9 1,104.9 1,144.1
CASH FLOW
Year Ended 31 Mar (S$m) FY09 FY10 FY11F FY12F KEY RATES & RATIOS FY09 FY10 FY11F FY12F
Op profit before working cap. chang 205.5 223.0 224.3 237.3 EPS (S cents) 7.7 8.6 8.6 8.9
Working cap, taxes and int -35.2 -14.5 -38.5 -22.7 NTA per share (cents) 13.0 10.6 12.9 15.2
Net cash from operations 170.3 208.5 185.8 214.6 EBITDA margin (%) 42.6 40.5 40.2 39.5
Purchase of PP&E -14.5 -12.4 -15.0 -14.6 Net profit margin (%) 30.9 31.4 29.6 29.7
Other investing flows 6.6 -17.2 -16.0 4.2 PER (x) 15.1 13.7 13.6 13.1
Investing cash flow -7.8 -29.6 -31.0 -10.3 Price/NTA (x) 9.0 11.1 9.1 7.7
Financing cash flow -127.1 71.8 -135.2 -149.7 EV/EBITDA (x) 11.8 11.1 10.4 10.0
Net cash flow 35.4 250.7 19.6 54.6 Dividend yield (%) 5.3 5.3 5.3 5.3
Cash at beginning of year 104.1 139.5 390.2 409.8 ROE (%) 59.2 56.3 49.1 45.8
Cash at end of year (incl ODs) 139.5 390.2 409.8 464.4 Net gearing (%) 0.6 0.4 0.3 0.1
SHAREHOLDING DECLARATION:
The analyst’s immediate family owns shares in the above security.
Carmen Lee
Published by OCBC Investment Research Pte Ltd Head of Research