Looking Past The Noise At SingPost
Looking Past The Noise At SingPost
SingPost has announced details on its investigation and the rationale behind the decision to terminate three key executives. Management also reiterated its aim to be asset light and continue to monetise non-core assets, with the Australia business sale ongoing as Maybank IB said it had expected. It has also hired former CEO Neo Su Yin as COO to oversee the remaining business. The house said it expects the sale of Famous Holdings to conclude by end-Jan 2025 which should raise another SGD80-100m in proceeds. It also expects a significant special dividend to be distributed after both businesses are sold. Maintain BUY.
新郵政已公佈其調查的細節以及終止三名關鍵高管決定的理由。管理層還重申其旨在輕資產化,並繼續將非核心資產實現貨幣化,澳洲業務的出售仍在進行中,這正如馬來亞銀行所預期的。它還聘請了前CEO小蟻蘇盈擔任首席運營官,以監督剩餘的業務。機構預計,著名控股的出售將在2025年1月底之前完成,這將帶來另外8000-10000萬新加坡元的收益。它還預計,在這兩項業務出售後將分配一次重要的特別分紅。維持買入。
SGD400-450m of sales proceeds up for distribution
After paring down its Australia debt and coupled with the potential sale of Famous holdings, Maybank expects around SGD400-450m excess sales proceeds could be distributed as special dividends to shareholders. As of 30 Sepm2024, SingPost still holds about SGD428m of cash hence the house believes it will not need to keep so much cash from the sales proceeds on its balance sheet. This works out to be around SGD0.17-0.20/share for potential special dividends.
預計有40000-45000萬新加坡元的銷售收益可供分配
在削減澳洲債務後,加上著名控股潛在出售,馬來亞銀行預計約有40000-45000萬新加坡元的多餘銷售收益可作爲特別分紅分配給股東。截至2024年9月30日,新郵政仍持有約42800萬新加坡元的現金,因此機構認爲,它無需在資產負債表上保留如此多的銷售收益。這相當於潛在特別分紅約爲每股0.17-0.20新加坡元。
Sale, asset monetisation remain in place
The board confirmed that the list of assets and businesses that are noncore to its strategy will be monetised to recycle capital, while the sale of the Australia business is ongoing. Maybank expects more asset sales going forward like Famous Holdings, SingPost centre and its post offices Ignore the noise, focus on fundamentals
出售和資產貨幣化仍在進行中
董事會確認,將對其戰略非核心的資產和業務進行貨幣化以回收資本,而澳洲業務的出售仍在進行。馬來亞銀行預計未來會有更多資產出售,例如著名控股、新郵政中心及其郵局。忽略噪音,專注於基本面。
Despite the ongoing noise around SingPost, Maybank believes that the roadmap to return shareholder value remains unchanged which has been affirmed by the board and shareholders could potentially receive up to SGD0.86/share if all assets targeted are monetised. The house thinks the downside risk is now limited and maintains a conviction BUY on SingPost for its asset monetisation story. It also thinks investors should focus on the fundamentals and ignore the ongoing noise.
儘管圍繞新郵政的噪音仍在持續,馬來亞銀行認爲返回股東價值的路線圖保持不變,這一點已得到董事會的確認,股東若所有目標資產成功貨幣化,可能會獲得每股高達0.86新加坡元的回報。機構認爲下行風險現在已被限制,並對新郵政的資產貨幣化故事保持堅定的買入信心。它還認爲投資者應專注於基本面,忽略當前的噪音。
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