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Singapore Post (S08)

Last close As at 22/11/2024

SGD0.52

▲ −0.01 (−0.95%)

Market capitalisation

SGD1,184m

Singapore Post is the national postal service provider in Singapore. It provides domestic and international postal and courier services. However, its main revenue driver is its Australian logistics operation, which accounted for 46% of FY23 revenue. Singapore Post also offers end-to-end e-commerce logistics solutions.

SingPost’s expansion into the growing but fragmented Australian logistics market is an attractive pivot away from its origins in Singapore. That said, although traditional post volumes in the territory are declining, e-commence volumes are growing rapidly and are likely to offset declining post volumes.

Latest Insights

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Industrials | Flash note

Singapore Post — Results boosted by M&A and reduced losses

Industrials | Update

Singapore Post — Q1 profits more than double

Industrials | Flash note

Singapore Post — AGM update confirms review intentions

Industrials | edison tv

Singapore Post – executive interview
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Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Phang Heng Wee, Vincent

    CEO

  • Simon Claude Israel

    Chairman

Balance Sheet

Forecast net debt (S$m)

298.5

Forecast gearing ratio (%)

20

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.7) 23.5 12.9
Relative (6.3) 11.2 (6.2)
52 week high/low S$0.6/S$0.4

Financials

Singapore Post’s H1 trading was ‘resilient’, despite challenging market conditions across several of its businesses. Revenue increased by 20%, mainly due to the inclusion of the March 2024 acquisition of Border Express. This fed through to operating profit growth, which was up more than 60%. Divisional profit performance was mixed due to a number of issues but benefit was generated from internal initiatives and the postal rate increase introduced last year. However, there was no new news of the ongoing review of the Australian business.

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