Sing Post

Sing Post: CLSA maintains its Conviction Buy, highlighting that Capital management has shown clear improvement in 2014 for SingPost, following its announcement to acquire Courier Please in Australia, and to build the largest logistics hub in the ASEAN region by Jan16. Believe the decade-long ROE deterioration has come to an end, and expect mild improvement in years ahead. Expect re-rating to continue driven by 12% EPS CAGR, high ROE and dividend yield.