Analyst Research Report Snapshot


(SG) Singapore Post: Growing stature of e-commerce (BUY)




DBS Bank


19 May 2014





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Singapore Pos Growing stature of e-commerce • FY14 underlying profit of S$145m (+3% y-o-y) and final DPS of 2.5Scts (flat y-o-y) were in line with our estimates • E-commerce contributed 26% of group revenue; overseas revenue accounted for ~28% of group revenue versus 19% last year • BUY with higher DCF-based (WACC 6%, terminal growth 1%) TP of S$1.60, as we roll over to FY15F and raise terminal growth rate from 0% to 1%

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