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$SINGAPORE POST LIMITED(S08.SI)$ ...I think SingPost is coming back, and can grow much bigger

Here are some key points -

a) Traditional profit contributor, IPP (International Post & Parcel) was hit most (>50%) due to almost double of the conveyance costs which are a function of flights from Changi. With flights recover, the cost will drop fast.

b). SingPost has rapidly grown its e-commerce logistics, with >60% of revenue from this segment. Its domestic e-com logistics now can make up to the loss of Letters & Printed Papers, i.e. SingPost has survived the declining domestic volume.

c). With increased stake in FMH to 51%, SingPost has made significant progress its 2nd "Home Market" strategy. You can consider SingPost now as Sing(+au)Post, particularly in courier and e-com logistics services.

d). SPC property side contributes c.50% of operating profits...a solid and steady profit support/pillar of the group.

All in all, you have a solid foundation part - property, recovery part - IPP, and growth part - e-commerce logistics.

Any surprises? Everyone wants pleasant surprises.

Catalysts:

- Property can be monetized. SPC is not the only property. SingPost has 2 other very sizable logistics/ops sites and numerous smaller sites.

- Future of Post; I do not have a full picture besides the high-tech PostPal, POPStations, and so on. But I think SingPost is empowered to re-image the future.

I was looking at its websites. I thought its "sample store", "shop overseas & ship home", e-marketing & fulfilment, etc are all very interesting and exciting. Isn't this Amazon's FBA services!

Last week, I was at one SingPost office (BTW, there are 56 of them) to collect my new National Steps Challenge watch, they did it in minutes and got it activated and info paired.

I also overheard two people come to "do" them passports.

I asked the floor manager what the top three things that people come to do at her post office, she said:

a). bill payments; isn't this alone can be a big digital service?!

b). letters and parcels

c). many other things; what is possible when you have 10K pop-stations and 56 post office, physical Points of Presence?!

My! In my mind, SingPost can be a multi-bagger in a couple of years.