SingPost

SingPost: In a hosted discussion with 30 fund managers, the center was the recently announced collaboration with Alibaba and SingPost’s M&A plans. CIMB reckons that the Alibaba collaboration could multiply volumes by 3-4x on a gradual basis as back end systems will need to be integrated and SingPost will over time build scale across the region, funded by Alibaba’s $312m investment and its net cash of $170m. On Indonesia M&A, logistics arm Quantium Solutions, is expected to set up a JV this year. Indonesia is a huge untapped market, as CIMB cites eMarketer forecasting B2C e-commerce sales in Indonesia will rise by 37% in 2015, double the global average of 18%. CIMB maintains Add with TP of $1.86