Sing Post

Sing Post: SCB has a report on the latest acquisition of Couriers Please by SIngpost, where they estimate the acquisition to be7.3% earnings accretive to SIngpost. SCB view the deal positively and should significantly improve Singpost’s value proposition to ecommerce clients looking to sell into or out of Australia. As a guide, Australia is a mature ecommerce market with high internet penetration and per-capita wealth. SingPost’s logistics capabilities in Australia are currently limited to freight forwarding and warehousing, relying on partners for last-mile deliveries. But still, the house views that the stock appears fully valued on an SOTP basis, as such it is maintain its Hold call and TP of $2.00