SingPost’s mail revenue plunged to all-time low in 2Q15

E-commerce is now taking the spotlight.

Singapore Post’s mail business accounted for 56% of its total revenue in 2Q15, the lowest the Postman has seen in its history.

According to OCBC, the plunge underscores SingPost’s efforts to reduce reliance on the mail business, as e-commerce revenue surged 20% year-on-year in 1H15.

SingPost reported stellar results for the last quarter, with revenue rising 8.1% year-on-year to $220.3m and net profit climbing 5.5% to $37.6m.

“With close to 1,000 ecommerce customers across the group and ecommerce package volumes registering double-digit growth YoY, we increase our FCFE growth rate assumption from 9% to 10% in our 3-stage DCF model, resulting in a slightly higher fair value estimate of S$2.17 (prev. S$2.09). In line with its usual practice, SingPost has declared an interim quarterly dividend of 1.25 S cents per share, payable on 28 Nov 2014,” stated OCBC.

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