Edison Investment Research - Singapore Post Ltd. (S08) Singapore Post - Transformation to global logistics player unnoticed

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Edison Investment Research

Toby Thorrington

Singapore Post - Transformation to global logistics player unnoticed

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.

20/05/2024 1 EN

Underlying

Singapore Post Ltd.

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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SG1N89910219 Singapore Exchange Singapore

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Singapore Post - Transformation to global logistics player unnoticed

Singapore Post - Q1 profits more than double

Singapore Post - AGM update confirms review intentions

Edison issues initiation on Singapore Post (S08): Transformation to global logistics player unnoticed

UIL - Announcement of 2028 privatisation plans

OSE Immunotherapeutics - Riding the H124 tailwinds

1Spatial - Federal-level win in the US

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