It was around 1.36 when Alibaba bought a stake in singpost
So what have changed?
1) price went on a INVERTED V shape journey
2) top line keep going up BUT
3) core profits are still stagnant or growing unimpressively
4) 2 quarters of 1.5 cents dividends instead of the usual 1.25 cents
5) still aggressively buying logistic and distribution capabilities and/ assets
6) logistic operating margin improved in the lastest quarter.
7) No more updates in the latest quarter on the various Alibaba JVs and strategic cooperation
8) went from net cash to net debt posotion to fund expansion
I am doing more of a qualitative analysis here.
The business plan is simple enough to understand. Ride the e-commerce boom and vertically integrate this into their logistics and distribution business. This would offset the growth or lack of of their mail business.
What I cannot understand/ don't like is they are going net debt yet increasing dividends.
They are going property heavy, with the building or a e-commerce Hub.
The long wait on Alibaba JV which is supposed to be firm up in February (already extended from December)
If you believe the Alibaba magic is still around, and as the word suggest, will appear when you are off guard, current price is worth monitoring.
If you believe the magic is gone.... Plenty of choices out there now.
I know nothing about business except using the Internet to do case study. I believed Alibaba bought Singpost for the booming SEA e-commerce market which is relatively less crowded by Giants like Amazon, eBay.
I wonder why singpost go jostle with the Giants through tradeglobal, which IIRC is loss making looking at the pro forma info.
Was waiting for updates from their quarter reports, but only get "wait huh"
In short, it is no longer the singpost of 3 years ago.
Staying clear, since there are others more compelling on my watchlist