Friday, November 7, 2014

SingPost第二季盈利增加5.5%

留个贴做个记录,再慢慢研究这些运输行业(Logistic)的股。

上次稍微研究了GLP,它的性质和SingPost不太一样。虽然都是在运输业,但是差别很大。

与GLP差别在哪?

SingPost提供的是输送货物给顾客。而GLP是提供运输设备、设计供应链的公司,并没提供输送服务。也就是说,GLP没有那些货车飞机等来运输货物,而SingPost是有的。大都可以看到蓝色的货车在新加坡到处送货。就像FeDEX、DHL、UPS等。


简单说,SingPost的业务比较大众化,在新加坡是家喻户晓的。GLP是B2B的,提供设计供应链服务给生产商、批发商,甚至提供仓库的服务。而且,GLP的主要市场在日本、中国、巴西。所以,GLP和SingPost基本上是挂不上什么竞争关系了。

深入浅出看SingPost
稍微看过一遍SingPost第二季的财务简报:

  • 营业额 203.8 > 220.3 (+8.1%)
  • 净收入 35.6 > 37.6 (+5.5%)
这两点是最重要的。如果营业额减少但净收入增加,代表公司在调整消费。如果营业额增加但净收入减少,代表消费增加。现在这是同步增加,证明表现良好。

那SingPost主要生意来源是什么?
  • 邮件和电子服务 (Mail & Digital Services) - 119.7 > 123.5 (+3.2%)
  • 运输 (Logistic) - 94.6 > 108.9 (+15.1%)
  • 零售和e-商业 (Retail & eCommerce) - 21.3 > 22.3 (+4.9%)
看起来所有都是增长的。但,把邮件服务拆开来看,所有传统的邮件服务都在减少(Domestic Mail, Hybrid Mail, Philatelic),除了International mail 增长。也因为国际邮件的增长,弥补了其他的减少。但是,以后净利率 (Profit Margin)会因为成本增加而减少。

生意角度看SingPost
我以宏观来看,SingPost里有一项是值得关注的,就是他的eCommerce。eCommerce在它的营业额占不大。目前,eCommerce的营业额 4.2m > 5.6m (+33%)。似乎有不错的前景。

什么是eCommerce?简单说,我们买的卖的网络商品,从陶宝、eBay、Amazon、Qoo10等等,很多都是用SingPost的服务。这些都是eCommerce。另外,SingPost也会耗资SGD182m建立一所eCommerce Logistic Hub。这可以增加效率,降低成本。

但是,eCommerce在Singpost里占少数,还不至于会影响SingPost的业务和财务。

另外一点,它本地的邮费都必须经过政府的决定才能调整。这是我不太喜欢的一点。虽然,SingPost是垄断了官方主要邮件的生意。看看这文章:

是否可以考虑呢?听说,Alibaba也买了SingPost大概10%的股份吧?

SingPost Q2 profit up 5.5%, declares dividend of 1.25 S'pore cts/share
(Nov 7, 2014)- SINGAPORE Post on Thursday posted a 5.5 per cent rise in net profit to S$37.6 million for the fiscal second quarter ended Sept 30, 2014.

The group said revenue rose 8.1 per cent year on year to S$220.34 million on the back of continued growth in e-commerce related businesses; revenue in its mail segment was boosted by increased international mail transhipments, but offset by a decline in the traditional postal business in domestic mail and hybrid mail. For the six months to the end of September, net profit rose 5.3 per cent year on year to S$76.84 million on a 6.4 per cent increase in turnover to S$431.26 million.

Earnings per share (EPS) for the reporting quarter were 1.584 cents, down from 1.680 cents, while half year EPS came in at 3.431 cents, down from 3.454 cents. Similar to a year ago, a 1.25 cents per share interim dividend, payable on Nov 28, has been declared.

SingPost shares ended the day one cent lower at S$1.94, before the release of results.
http://www.businesstimes.com.sg/companies-markets/singpost-q2-profit-up-55-declares-dividend-of-125-spore-ctsshare

No comments:

Post a Comment