Singapore Post

[winston]

not vested

Singapore Post Ltd – Building last-mile delivery capabilities in Australia with acquisition of Couriers Please
Recommendation: Accumulate
Last traded: $1.915
Target Price: $2.03

· Singapore Post to acquire 100% of Couriers Please, a specialized metropolitan small parcel delivery business in Australia, from New Zealand Post for a consideration of A$95m (approx. S$105m).

· Acquisition in line with the Group’s strategy to expand ecommerce logistics capabilities in Asia Pacific region and will allow end-to-end solutions across forwarding, warehousing and delivery in Australia.

· Based on pro forma effects, reported FY14 PATMI (adj for distribution for perpetual securities) would be up 7.3% to S$137.6m, post-acquisition.

· Maintain Accumulate and TP at S$2.07 while we continue to see positive growth prospects from ecommerce business.

Source: Phillip Securities Research

[winston]

Singapore Post: Still on the lookout for growth

Singapore Post reported a 7.6% YoY rise in revenue to S$239.6m and a 7.3% increase in net profit to S$42.2m in 3QFY15, such that 9MFY15 revenue and net profit accounted for 75% and 77% of our full year estimates, respectively.

Mail revenue fell 2.3% YoY to S$130.1m in 3QFY15 despite a postage rate hike from Oct last year.

As for logistics, revenue rose 20.7%, aided by recent acquisitions.

Looking ahead, the group plans to continue exploring investment opportunities in Asia Pacific as part of its growth strategy.

It also announced that it intends to redevelop the retail space in Singapore Post Centre, but details are scarce for now as the group has so far only
appointed consultants for advice.

Rolling forward our valuations, our fairvalue estimate rises slightly from S$2.17 to S$2.19.

Maintain BUY.

Source: OCBC

[behappyalways]

The Postman likely to get on an acquisition train as net cash hits $329m
http://sbr.com.sg/transport-logistics/n ... -hits-329m

[iam802]

So, is the ex-CEO resignation is tie to governance issues??

===
Amid controversy, SingPost issues lawyer's letter to Sias -

See more at: http://www.singaporelawwatch.sg/slw/hea ... noTXZ.dpuf

Move said to be linked to anonymous letter sent to the association last year

[Singapore] THE storm surrounding Singapore Post has taken a twist with the Securities Investors Association (Singapore) or Sias - the shareholder activist group that has been vocal about the controversy at the postal and e-commerce company - receiving its first lawyer's letter in its 17 years of fighting for investors' interests.

The Business Times understands that Sias president David Gerald received a notice from SingPost's lawyers in early February in relation to an anonymous letter that was sent to the association last year.

SingPost's legal letter to Mr Gerald, it is believed, was to ascertain if he had shared the anonymous letter, which is deemed defamatory, with other parties.
According to sources, the anonymous letter was purportedly penned by staff of SingPost and touched on the firm's acquisitions, some of which are the subject of a special audit currently being conducted by PricewaterhouseCoopers and Drew & Napier.

It is believed that there may be more than one such letter on the happenings at the firm that could have been sent to several parties, including the regulators.

When contacted by BT, Mr Gerald confirmed receipt of a notice issued by SingPost's lawyers but declined to elaborate on the matter or the contents of the anonymous letter.

...


In January, at a meeting with SingPost's top officials, Sias issued a lengthy list of questions, which among others included the issues of board renewal, frequent key management changes at the firm as well as the rationale for the price it paid for several acquisitions and disclosure oversights.

Much of these corporate governance issues are being probed by a joint special audit by PricewaterhouseCoopers and Drew & Napier. The findings are expected to be made public in March.

....

[behappyalways]

SingPost records 27.9% fall in 3Q earnings to $31.4 mil on US e-commerce operating losses
http://www.theedgemarkets.com.sg/articl ... ing-losses

[behappyalways]

singpost-reports-136-decline-1q-earnings-31-mil
https://www.theedgesingapore.com/singpo ... ngs-31-mil

[behappyalways]

singposts-2q-earnings-fall-95-285-mil-absence-one-gain
https://www.theedgesingapore.com/singpo ... e-one-gain

[behappyalways]

Singapore Post posts 37% rise in 3Q earnings to $43 mil on better performance, one-off tax adjustment
https://www.theedgesingapore.com/singap ... adjustment

[behappyalways]

SingPost postman confronted for throwing away massive amount of mail into bin
https://mothership.sg/2018/02/singpost- ... mail-away/

SingPost postman fired for throwing away mail, company apologises to public
https://mothership.sg/2018/02/singpost-postman-fired/

[behappyalways]

SingPost back in the black in 4Q on higher revenue and income
https://www.theedgesingapore.com/singpo ... and-income