南洋行家论股
大马邮政 高成本架构削弱展望
目标价：4.17令吉
最新进展：
大马邮政（POS，4634，主板贸服股）截至6月底首季，净利暴跌86.14%，仅录得497万9000令吉或每股0.64仙。
营业额则小幅下滑3.46%，至5亿9046万3000令吉，归咎于邮政服务和物流业务的收入较低，以及较高的有效税率。
行家建议：
大马邮政首季的核心净利仅420万令吉，占我们和同行全年预估的6.3%和4.1%，大大低于预期。
因此，我们将现财年的净利预估下调40.7%，2020和2021财年也分别下调38%和37.9%，以反映快递、国际和物流业务的激烈价格战冲击。
同时，目标价从3.40令吉，调降至3.03令吉，建议卖出。
除了快递业务面临激烈的市场竞争，我们认为大马邮政的高固定成本架构，以及传统的邮寄服务业没落，将会继续拖累业绩表现。
虽然管理层正努力祭出措施改善营运效率，但可能要等2022年才会真正显现效益。
http://www.enanyang.my/news/20180827/大马邮政-高成本架构削弱展望/
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