Singapore Post

Morning Updates, July 4

OCBC INVESTMENT RESEARCH:-

The Infocomm Development Authority of Singapore (IDA) has revised the Quality of Service (QOS) framework for postal services. A key change is the increase in financial penalty for breach of the standards - a penalty of up to $50,000/month per indicator may be imposed for non-compliance.
We appreciate SingPost's dominant domestic market position, operating efficiency, and stable operating cash flows. We are also mindful of margin pressures as well as the relatively limited growth opportunities in the core mail business. However, the group is seeking geographical and business expansion in logistics and retail, with continued investments in its core mail business. Maintain BUY with $1.14 fair value estimate.

STI manages 6th straight daily gain

Index retreats from day's high on HK reversal, weak Europe opening as doubts emerge over Europe's debt efforts

A REVERSAL in Hong Kong and a weak opening for Europe yesterday dragged the Straits Times Index (STI) off its intraday high of 2,964 down to 2,948.77 for a nett gain of 3.44 points on the day. Despite the late pressure, it was still the sixth consecutive rise for the STI, bringing its gain over this period to about 143 points, or just over 5 per cent.



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