Singapore Post - AGM update confirms review intentions
At the AGM management discussed the outcome of Singapore Post’s strategic review and the recently announced strategic review into value creation options relating to the Australian logistics business. In our view, expansion in 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. We continue to believe there is more than 60% upside in the share price.Singapore Post is engaged in the operation and provision of postal, logistics and retail services. Co. and its subsidiaries have three main operating divisions: Mail, which provides services for collecting, sorting, transporting and distributing domestic and international mail as well as sale of philatelic products; Logistics, which provides a range of logistics solutions, comprising freight, warehousing, domestic and international distribution, and delivery services; as well as Retail and eCommerce, which provides a variety of products and services in addition to the scope of postal services, including agency services, financial services and front-end ecommerce solutions.
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