Financials Singapore Post Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
0.445 ^SGD	-3.26%		+11.25%	-6.32%

Apr. 02	SINGAPORE Post Announces Executive Changes	CI
Mar. 19	Singapore Post to Shake Up Company Structure; Sets Dividend Payout of Up to 50%	MT

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,249	1,451	1,575	1,462	1,125	1,001	-	-
Enterprise Value (EV) ¹	2,141	1,399	1,396	1,699	1,125	1,001	1,001	1,001
P/E ratio	556 x	19 x	47.9 x	21 x	80.6 x	26.2 x	14.1 x	11.4 x
Yield	3.5%	4.19%	1.57%	2.77%	1.16%	1.57%	2.92%	3.15%
Capitalization / Revenue	1.44 x	1.1 x	1.12 x	0.88 x	0.6 x	0.59 x	0.51 x	0.49 x
EV / Revenue	1.44 x	1.1 x	1.12 x	0.88 x	0.6 x	0.59 x	0.51 x	0.49 x
EV / EBITDA	11.8 x	7.01 x	11.4 x	7.84 x	6.4 x	6 x	4.77 x	4.36 x
EV / FCF	18.6 x	9.3 x	10.6 x	22.4 x	12.9 x	13.3 x	4.65 x	5.36 x
FCF Yield	5.37%	10.8%	9.39%	4.46%	7.75%	7.5%	21.5%	18.7%
Price to Book	1.39 x	0.91 x	0.97 x	1.12 x	0.81 x	0.79 x	0.7 x	0.68 x
Nbr of stocks (in thousands)	2,249,232	2,249,578	2,249,578	2,249,578	2,249,740	2,249,700	-	-
Reference price ²	1.000	0.6450	0.7000	0.6500	0.5000	0.4450	0.4450	0.4450
Announcement Date	5/7/19	5/7/20	5/6/21	5/13/22	5/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,557	1,314	1,405	1,666	1,872	1,700	1,950	2,039
EBITDA ¹	190.7	206.9	138.3	186.5	175.7	166.8	209.7	229.4
EBIT ¹	132.7	139	69.59	112.1	93.17	76.5	124.5	146
Operating Margin	8.53%	10.58%	4.95%	6.73%	4.98%	4.5%	6.38%	7.16%
Earnings before Tax (EBT) ¹	54.62	128.6	60.27	107.4	68.01	56.35	102	125.3
Net income ¹	18.96	91.08	47.62	83.11	24.68	38.1	71.45	87.1
Net margin	1.22%	6.93%	3.39%	4.99%	1.32%	2.24%	3.66%	4.27%
EPS ²	0.001800	0.0339	0.0146	0.0309	0.006200	0.0170	0.0315	0.0390
Free Cash Flow ¹	120.9	156	147.9	65.27	87.23	75.1	215.4	186.9
FCF margin	7.76%	11.88%	10.53%	3.92%	4.66%	4.42%	11.05%	9.17%
FCF Conversion (EBITDA)	63.39%	75.4%	106.94%	35%	49.64%	45.01%	102.72%	81.46%
FCF Conversion (Net income)	637.5%	171.32%	310.62%	78.53%	353.45%	197.11%	301.47%	214.58%
Dividend per Share ²	0.0350	0.0270	0.0110	0.0180	0.005800	0.007000	0.0130	0.0140
Announcement Date	5/7/19	5/7/20	5/6/21	5/13/22	5/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	237	-	-	-	-
Net Cash position	109	51.9	179	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.268 x	-	-	-	-
Free Cash Flow ¹	121	156	148	65.3	87.2	75.1	215	187
ROE (net income / shareholders' equity)	6.03%	6.24%	3.73%	6.29%	2.41%	2.75%	5.12%	6.17%
ROA (Net income/ Total Assets)	3.78%	3.73%	2.2%	3.01%	0.89%	1.73%	2.83%	3.21%
Assets ¹	502.2	2,441	2,168	2,762	2,759	2,209	2,525	2,713
Book Value Per Share ²	0.7200	0.7100	0.7200	0.5800	0.6100	0.5600	0.6400	0.6500
Cash Flow per Share	0.0800	0.0700	0.0400	0.0400	-	-	-	-
Capex ¹	31.3	27.1	21.9	24.3	28.4	50	50	50
Capex / Sales	2.01%	2.06%	1.56%	1.46%	1.52%	2.94%	2.56%	2.45%
Announcement Date	5/7/19	5/7/20	5/6/21	5/13/22	5/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.445 SGD

Average target price

0.56 SGD

Spread / Average Target

+25.84%

	1st Jan change	Capi.
SINGAPORE POST LIMITED	-6.32%	735M
S.F. HOLDING CO., LTD.	-10.05%	24.29B
ZTO EXPRESS (CAYMAN) INC.	+1.55%	17.39B
POSTE ITALIANE S.P.A.	+14.84%	16.32B
YTO EXPRESS GROUP CO.,LTD.	+28.97%	7.53B
DEPPON LOGISTICS CO., LTD.	+14.93%	2.34B
OSTERREICHISCHE POST AG	-7.49%	2.18B
STO EXPRESS CO.,LTD	+18.49%	1.92B
HANGZHOU SF INTRA-CITY INDUSTRIAL CO., LTD.	-4.14%	1.17B
CTT-CORREIOS DE PORTUGAL, S.A.	+27.94%	665M