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Singapore Post (S08)

Last close As at 24/10/2024

SGD0.55

▲ −0.02 (−3.54%)

Market capitalisation

SGD1,240m

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

View More

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

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 18.5 23.9 14.7
Relative 19.1 18.9 (1.8)
52 week high/low S$0.6/S$0.4

Financials

The Q125 results shine a light on the latest initiatives to underpin the inherent value within Singapore Post, which include a review of the Australian operations and ongoing discussions with the Singapore government on postal services. SingPost’s transformation 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. Our forecasts and valuation are unchanged and we believe there is now c 60% upside in the share price.

Research

Flash note

Industrials

Singapore Post — AGM update confirms review intentions

edison tv

Industrials

Singapore Post – executive interview

Industrials

Update

Singapore Post — Q1 profits more than double

Thematics

thematic

Industrials

The art of measurement – Challenges in metrology

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry
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