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Singapore Post (S08)

Last close As at 02/07/2024

SGD0.43

— 0.00 (0.00%)

Market capitalisation

SGD1,002m

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.

Latest Insights

Industrials | edison tv

Singapore Post – executive interview

Industrials | Initiation

Singapore Post — Transformation to global logistics player unnoticed
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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 (9.3) 8.6 (5.4)
Relative (9.7) 5.4 (9.4)
52 week high/low S$0.5/S$0.4

Financials

The ongoing transformation of Singapore Post (SingPost) from a post and parcel delivery company into a global logistics operator appears to have slipped under the radar of investors and now offers an opportunity for investors to reassess its potential. We believe expansion into the Australian logistics market offers long-term growth and that historical issues surrounding structural weakness in postal volumes may be resolved by growth in replacement volumes from e-commerce and review of postal services in constructive engagement with the regulator. Implementing the March 2024 strategic review recommendations could help unlock value. We believe there is c 50% upside in the share price.

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