Analysts embrace SingPost's e-commerce goals despite impairment risk
But shares retreat after it flags risk of "significant" impairment in carrying value of US e-commerce business
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ONLY last month, a Deutsche Bank research report on Singapore Post with the sweetest word in stock speak - a "buy" call - had reckoned that the postal company was unlikely to make "significant" impairments "unless assumptions vetted by auditors are wrong or business deteriorates significantly".
Those assumptions turned into biting reality late last Friday after SingPost released its third-quarter results and flagged the risk of a "significant" impairment to the carrying value of its US e-commerce business TradeGlobal on the back of a feeble showing.
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